The Healthcare Focus Group of the British Insurance Brokers' Association (BIBA) is to tackle the position of personal tax around Private Medical Insurance (PMI).
Peter Staddon, BIBA's Head of Technical Services, said: "The last government withdrew the over 60's tax concession and we saw a dramatic reduction in the sales of PMI cover. "With the increase in insurance premium tax (IPT) due in a little over 10 weeks this could again have an affect on the purchasing of cover. As a committee we are keen to investigate if tax concessions are a possible solution to encourage future sales." Issues to be reviewed by the group include how the removal of concessions have impacted sales of PMI, including both individual and also the SME tax implications. ...
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