Treasury collects £7.3bn in Insurance Premium Tax receipts

Insurance Premium Tax receipts rise by over a quarter in the past year

Isabel Baxter
clock • 1 min read

Insurance Premium Tax (IPT) receipts reached a “record” £7.34bn for the 2022/23 financial year, an increase of 11% from the £6.63bn in 2021/22.

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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

Isabel Baxter
Author spotlight

Isabel Baxter

News editor at Professional Adviser

More on Regulation

PFS names Kate Gannon as president

PFS names Kate Gannon as president

Previous vice-president for PFS

Jenna Brown
clock 24 September 2026 • 2 min read
Keep Britain Working: Improving working-age health could generate £57bn

Keep Britain Working: Improving working-age health could generate £57bn

Updated report published

Cameron Roberts
clock 23 September 2026 • 3 min read
FCA Pure Protection Market Study: PDG responds

FCA Pure Protection Market Study: PDG responds

Invitation to the market

Cameron Roberts
clock 23 September 2026 • 2 min read