IPT receipts up £228m year on year

Collection up to £2bn

Cameron Roberts
clock • 2 min read

The latest receipts from HMRC, reveal that insurance premiums tax (IPT) collections were up to £2 billion in the first two months of this financial year (2024/2025).

This indicated a rise of £228 million, as in the same period last year IPT collections sat at £1.8bn. The total collection thus far is comprised of £615m in April 2024 and £1.43bn in May 2024. The new figures continue rising levels of IPT collection, HMRC recently reported it collected a total of £8.1 billion in 2023/24, up 11% year on year. Cara Spinks, Head of Insurance Consulting at leading independent consultancy Broadstone, said: "Demand for private healthcare insurance products, like PMI and health cash plans, has soared following the increase in NHS waiting lists over the last ...

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