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ABI urges Cameron to rethink PMI tax relief

The Association of British Insurers is calling on Tory leader David Cameron to recognise the value of tax incentives in private medical insurance after he described the approach as “flawed”.

In his first speech on the NHS, Cameron firmly ruled out the patient passport policy of subsidising private care and ex-Prime Minister Margaret Thatcher’s idea of PMI tax relief for practical and philosophical reasons.

He told the King’s Fund health thinktank in London that neither policy was about improving the NHS and both approaches misunderstood its basic values.

Cameron said: “The NHS should be neither a state monopoly, as the left have sometimes believed, nor is it something charitable or demeaning, so we should not use taxpayers’ money to encourage the better-off to opt out.”

But ABI director general Stephen Haddrill believes that Cameron needs to rethink the role that the tax system can play in improving the health of the working population.

Haddrill says Cameron rightly recognises that private healthcare helps the NHS deliver its goals, not least in reducing waiting lists, and should not dismiss the idea of offering tax relief out of hand.

Haddrill says: “We believe in particular that the tax system should be changed to incentivise the provision of PMI and rehabilitation services for the workforce, with 4.8 million people benefiting from such protection at present. This would grow rapidly with a fair tax system.”


PFS and CII in threat to kick out phoenix firms

The Chartered Insurance Institute and the Personal Finance Society are threatening to fine or expel any members involved in phoenixing. Society president Brian Steeples warns that any members involved in phoenixing will be reported immediately to the CII’s disciplinary committee by the CII professional standards board. Firms found guilty of breaching the institute’s code of […]

Owen reins in Defence Union’s aggressive approach

The IFA Defence Union is looking to shed its militant tag with a rebrand and increased focus on training. Evan Owen plans to change the name to the IFA Defence and Development Union. Owen, who has consistently argued that the financial services regulatory regime violates EU human rights law, says he is looking to quash […]

Arc shapes up with VCT

Enterprise investment scheme specialist Arc Fund Management is looking to raise up to 10m to increase the investment opportunities within the Arc growth company venture capital trust.

Shame is the spur

Research shows that our new year’s resolutions tend to be about becoming better people through gym memberships, less beer and fewer fags, more charitable giving and becoming more financially astute but it is interesting to look at one of the FSA’s priorities for the new year.

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]


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