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Standard chief says tax rethink would boost PMI

The Government should reform taxes to encourage more individuals and companies to take out private medical cover, Standard Life Healthcare managing director Mike Hall told the conference.

Hall urged the Government to provide tax all-owances to people taking out PMI to ease the burden on the NHS.

He suggested three ways that taxes could be relaxed which could stimulate PMI – health credits, a health Isa and tax breaks to companies providing cover for their staff.

Hall said a ringfenced savings scheme capable of attracting enhanced rates of return because of attached tax incentives conditional on the fund being used to pay for health treatments would be attractive to many people.

He also echoed calls by the Conservative Party before the last election to offer tax breaks to companies offering cover to employees.

Hall said giving people more freedom in how they pay for healthcare costs in the form of health credits would offer an incentive for people to take out cover.

He said: “All Governments know you do not have to use taxes solely as a method for collecting revenue. The tax system can be used in such a way that it rewards people for making wise decisions.”

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