Total insurer IPT bill close to £30bn

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Insurers handed over £2.4bn in insurance premium tax in the year 2010/11, a rise of more than 6% on the previous year (£2.253bn), government figures reveal.

The payment made brings the total the industry has paid in IPT since it was introduced in October 1994 to nearly £30bn.

The calculations show the industry accrued a liability of £2.613bn in 2010/11, an increase of more than 11% on the previous year (£2.349bn).

The total paid since 1 October 1994 is £29.397bn. Last year was the single biggest payment, beating the previous highest year of 20041/05 when the industry gave the Treasury £2.359bn.

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