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

PDG responds to FCA Market Study update

PDG responds to FCA Market Study update

Expanded terms of reference

Cameron Roberts
clock 31 March 2025 • 2 min read
Banning commission is an 'extreme' outcome of Protection Market Study: FCA

Banning commission is an 'extreme' outcome of Protection Market Study: FCA

Regulator tells delegates at COVER Summit North conference

Jaskeet Briah
clock 27 March 2025 • 3 min read
Building on the Friendly Society legacy

Building on the Friendly Society legacy

Response to Law Commission consultation

Andy Morris
clock 27 March 2025 • 4 min read