Treasury collects £7.3bn in Insurance Premium Tax receipts

The 2022/2023 figures also represent a 18% increase compared to five years prior with £6.2bn collected in 2018/19. In the first four months of this year IPT receipts totalled £2.76bn, a 27% increase compared to the same period last year. According to actuarial consultancy OAC, part of the Broadstone Group, this shows the rising cost and growing demand for health insurance products has increased intake for the Treasury.  Head of insurance consulting Cara Spinks said: "There appear to be two main drivers for the growth in IPT receipts. The first is the inflation in premiums due to in...