We are so very disappointed at not to hear of any tax breaks for Private Medical Insurance (PMI) in yesterdays Budget.
£400m of funding to increase the availability of mental health and musculoskeletal resources and expand the Individual Placement and Support scheme was included in the Budget, but no tax reliefs called for by the Confederation of British Industry (CBI) and backed by AMII, such as a cut in Insurance Premium Tax, were announced. The Chancellor also pressed ahead with plans to increase Corporation Tax from 18 to 25 per cent.
AMII argues that tax relief would encourage the uptake of health cover, support a healthier population and incentivise employers to look after employee health, ultimately helping more people remain in work.
AMII executive chairman Dave Middleton said: “It is disappointing that the Chancellor has simultaneously raised Corporation Tax while refraining from introducing tax relief for the PMI industry.
“At a time when the NHS is under unrelenting pressure, doctors and nurses are striking over pay and conditions and the backlog following the pandemic shows no signs of reducing, the government has missed the chance to take positive steps to encourage growth in the PMI market.
“While we welcome the £400m of funding for mental health and musculoskeletal support, I would urge the Chancellor to go further and review the announcements made in the Budget to offer some much-needed respite for the private health and wellbeing sector.”