Record Q1 for IPT

£2.1 billion collected

Cameron Roberts
clock • 2 min read

Insurance Premiums Tax receipts in June 2024 reached £69 million, bringing the total for Q1 2024/25 up to £2.1 billion.

This new figure represents a £235m rise in IPT collections year-on-year, the all-time high figure for the opening quarter of the year is 12.5% higher than the same period in 2023. The difficulties faced by the NHS is a contributing factor to the rise in receipts, alongside rising premiums paid. The health service had a waiting list of 7.6m patients at the end of May 2024. Brett Hill, head of health and protection, Broadstone, said: "NHS waiting lists remain at near-record highs and with 7.6 million stuck in the backlog for treatment, demand for private healthcare has risen to record l...

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

More on Regulation

150 employers sign up to Keep Britain Working Vanguard phase

150 employers sign up to Keep Britain Working Vanguard phase

Covering 1.5 million workers

Cameron Roberts
clock 01 April 2026 • 2 min read
Data protection is no barrier to collect and share vulnerability data: FCA

Data protection is no barrier to collect and share vulnerability data: FCA

Manufacturers and distributors expected to work collaboratively

Jaskeet Briah
clock 30 March 2026 • 2 min read
FCA opens simplified advice consultation

FCA opens simplified advice consultation

Follows targeted support work

Jen Frost
clock 26 March 2026 • 2 min read