Insurance Premiums Tax (IPT) collected a total of £8.1 billion in 2023/24, according to the latest tax receipts from HMRC.
This marks the third successive year of record numbers for IPT, with £7.3bn generated in 2022/23. The Office for Budget Responsibility (OBR) predicts this number will rise to £8.8bn by 2028/29. The news comes on the heels of a record month for IPT, February 2024 saw it rake in £1.5bn. This momentous month caused the OBR to revisit its forecasted revenues, turning it upwards by over £370m between 2023/24 and 2028/29. Cara Spinks, head of insurance consulting, OAC, commented: "The full year HMRC figures confirm yet another record-breaking year for IPT driven by rising insurance premiums...
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