PMI sector ‘disappointed’ as IPT goes up again

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“We welcome the Chancellor’s efforts to improve flood defences, however when combined with the previous increase in Insurance Premium Tax policyholders could be looking at a 66% combined increase in less than a year for policies that help families pay for day to day healthcare costs, such as dental care. The combination of 10% IPT and a 5% increase in NHS dental scale charges for 2016 and 2017 will be factors affecting the cost and usage of cash plans for both employers and voluntary members alike. Health Shield absorbed the impact of the previous IPT increase for all members until the end of 2016 and we will do so again with this increase but the market will need to consider whether regular IPT increases are likely to become the norm .”- Jonathan Burton – CEO Health Shield