Mahalsa UK
  • Home
  • News
  • Politics
  • Money
  • Health
  • Living
  • Entertainment
  • Sports
  • Technology
  • Travel
  • More
    • Web Stories
    • Editor’s Picks
    • Press Release
What's On

UK city to introduce new traffic cameras next week with drivers facing £70 fine for breaking rules

March 12, 2025

Toddler faces losing his eye after being kissed by someone with a cold sore

March 12, 2025

Travis Kelce ‘supporting’ Taylor Swift with singer ‘in hiding and worried about dragging people into mess’

March 12, 2025

Manchester United squad can ‘change’ Sir Jim Ratcliffe’s opinion, says Ruben Amorim | Manchester News

March 12, 2025

Trade war heats up as Canada hits US with £16bn tariff bill

March 12, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram Vimeo
Mahalsa UK
Subscribe Login
  • Home
  • News
  • Politics
  • Money
  • Health
  • Living
  • Entertainment
  • Sports
  • Technology
  • Travel
  • More
    • Web Stories
    • Editor’s Picks
    • Press Release
Mahalsa UK
Home » Tax on insurance rakes in more than £2billion for HMRC as Britons ditch NHS healthcare
Money

Tax on insurance rakes in more than £2billion for HMRC as Britons ditch NHS healthcare

By staffJanuary 23, 20243 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn WhatsApp Email VKontakte Tumblr
Share
Facebook Twitter LinkedIn Pinterest Email

Britons are paying record amounts in tax on private healthcare as the struggling NHS push people to the private sector for better treatment.

More than £2billion was paid in insurance premium tax in the third quarter of the 2023-24 tax year, according to the latest figures from HM Revenue and Customs (HMRC).

This is a 14 per cent increase compared to the previous three months with receipts projected to surpass £8billion by the end of the financial year, if they remain at their current trajectory.

In comparison, receipts from the tax on private healthcare earned £6billion in the 2021-22 tax year and £7billion the following year.

NHS waiting lists have pushed taxpayers to private healthcare options

GETTY

Insurance premium tax is a charge on general insurance premiums which include health, car, home and pet insurance.

The levy is imposed at a standard rate of 12 per cent and a higher rate of 20 per cent, with the latter charged to travel and some vehicle insurance.

Medical insurance costs have risen by between 20 to 60 per cent in the past year as the NHS waiting times have convinced people to pursue private healthcare treatment.

She explained: “Alongside rising costs, the health insurance sector has also experienced growing demand for its products.

“Increased pressure on the NHS has seen more employers and individuals take out private medical insurance and health cash plans to support continued health and speed up treatment.”

Around one in eight people are estimated to be either on an NHS waiting list for an appointment or procedure which comes to 7.8 million Britons.

This represents an increase of 600,000 patients after Prime Minster Rishi Sunak promised to cut waiting times at the beginning of last year.

The public health service has been saddled with numerous strikes over the past year with unions threatening more industrial action in the months ahead.

Rishi Sunak has promised to bring down waiting lists

PA

Last month, Mr Sunak said NHS strikes have made waiting times by his stated goal of March 2025 “difficult”.

This chaos has led to taxpayers flocking to the private sector with research from YouGov last year highlighting that one in eight Britons have paid for private health services in 2022-23

Some 27 per cent of those polled shared that they have considered going private, either for themselves or a loved one, but eventually decided against it due to the cost.

Dr John Puntis, a former consultant paediatrician and co-chair of Keep Our NHS Public, said: “This option is available to those who can afford to pay, but excludes the vast majority of the population as over a third of people in the UK have less than £1,000 in cash to cover unexpected expenses.”

Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email

Related Posts

Trade war heats up as Canada hits US with £16bn tariff bill

Money March 12, 2025

Visa warning after British tourist detained by US authorities

Money March 12, 2025

Reeves’ tax raid to force millions into repayments from April

Money March 12, 2025

JD Vance’s cousin is fighting for Ukraine – this is what he thinks of Trump, Putin and the VP

Money March 12, 2025

Inheritance tax SLAMMED as ‘unreasonably high’ as families brace for ‘further increases’ from Rachel Reeves

Money March 12, 2025

‘Heroic’ Dog Walker Helps Police Catch Suspect After High-Speed Chase

Money March 12, 2025
Our Picks

Toddler faces losing his eye after being kissed by someone with a cold sore

March 12, 2025

Travis Kelce ‘supporting’ Taylor Swift with singer ‘in hiding and worried about dragging people into mess’

March 12, 2025

Manchester United squad can ‘change’ Sir Jim Ratcliffe’s opinion, says Ruben Amorim | Manchester News

March 12, 2025

Trade war heats up as Canada hits US with £16bn tariff bill

March 12, 2025
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Don't Miss
Entertainment

WATCH: Queen Camilla arrives at Cheltenham Festival ahead of prize presentation

By staffMarch 12, 20250

The Queen attended Style Day at Cheltenham Festival today, serving in her role as Joint…

Keir Starmer assures Labour has a ‘roadmap for farming’ despite controversial inheritance tax raid

March 12, 2025

Edinburgh University blasted after allowing trans women to use female toilets

March 12, 2025

And they’re off… to BENIDORM! British Cheltenham fans don fancy dress as they watch the racing from the Costa Blanca – paying 85p a pint instead of £7.80!

March 12, 2025
Mahalsa UK
Facebook X (Twitter) Instagram Pinterest
  • Privacy Policy
  • Terms of use
  • Advertise
  • Contact Us
© 2025 Mahalsa. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.

Sign In or Register

Welcome Back!

Login to your account below.

Lost password?