Insurance Premium Tax hits record £1.5 billion in February

This figure has propelled the total collected through the first 11 months of the financial year to a record-breaking £8.1b. This achievement marks the third consecutive year in which IPT has toppled receipts, eclipsing last year's total of £7.3b. Moreover, the Office for Budget Responsibility (OBR) said it expects revenue from IPT to increase further over the forthcoming years. Compared to projections made just four months prior, the OBR has revised its forecasted revenues upwards by over £370 million between 2023-24 and 2028-29. Cara Spinks, head of insurance consulting, OAC, s...