Tax return time

[Jobbo]

But I do think if you buy certain types of insurance, privately, out of your "after tax" money, they there should be some relief for you.

That's an interesting one - not necessarily a good idea though. What would almost certainly happen is that the tax saving would end up in the pocket of the insurer, not the individual. Trying to incentivise people with tax savings often has unintended consequences (see, e.g. VAT cuts on specific products - https://taxpolicy.org.uk/2022/11/10/tampontax/ )

[dinny_g]

I'm sure you're right Jobbo

[GG.]

I think Jobbo is right here GG...

But I do think if you buy certain types of insurance, privately, out of your "after tax" money, they there should be some relief for you.

But in my case, as it's through work, it's definitely taxable

Yes this is all I'm saying - the government should incentivise people taking out certain types of insurance that guard against extreme negative outcomes. In the same way as they provide tax relief (for most people) on paying into a pension, for example. Not taxing people on it would be a good way to encourage employers to provide it as a regular benefit.

[Jobbo]

Why should a very specific area of insurance be incentivised over other types of insurance, though?

[dinny_g]

Why should a very specific area of insurance be incentivised over other types of insurance, though?

I guess Car Insurance and Medical Insurance are different in terms of impact they have on the state ?

If I get sick and need long term and expensive treatment, I won't need the NHS to fund it ?