Autumn Statement and IPT
The Chancellor delivered his Autumn Statement today and confirmed that there will be a rise in Insurance Premium Tax (IPT) of 2%. This follows on from an 0.5% increase in the 2016 Budget, and has seen IPT double from 6% in the last 18 months.
Morag Livingston, Group Risk and Healthcare Manager at Secondsight has expressed concern that this increase in could lead to employers reducing their healthcare provisions for staff, stating:
“These increases will have an impact for many employers when it comes to their healthcare provision. And for some employers, the increasing cost of providing private medical insurance (PMI), dental cover and cash plans may even force them to stop offering some of these much sought-after benefits altogether.”
Read Morag’s comments in full on HR News.