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.
Get that Friday feeling!
The news that the ABI and British Medical Association (BMA) agreement on GP report (GPR) fees has broken down will usher in a period of uncertainty.
Lack of innovation investment in the UK insurance market has been highlighted by recognition of RGA's work in the US.
Protection business in 2012 and 2013 will be affected by events this year and some fundamental changes to the way customers policies are priced into the next. Richard Verdin explains.
Employee assistance programmes are in the spotlight due to a schizophrenic approach by government. But as Sue Weir points out, they are backed by solid research.