IPT receipts hit £3.07 billion in Q1

IPT cuts “unlikely” in Autumn Budget

Jaskeet Briah
clock • 1 min read

Insurance Premium Tax (IPT) receipts hit £3.07 billion in the first four months (Q1) of 2024/25, up 11% from £2.76bn in the same period last year, according to HMRC data.

A total of £957 million was collected through July 2024, compared to £884 million in the same month in the previous year. Cara Spinks, head of life & health, Broadstone, said that reduction in IPT for health insurance products such as private medical insurance (PMI) and health cash plans is unlikely at the Autumn Budget in October due to the Chancellor's desire to find alternative revenue streams to reduce the size of the UK's fiscal ‘black hole'. "However, given this administration's focus on growth, it is an area we would encourage them to scrutinise carefully. Providing affordable ...

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

IPT set for another record year

IPT set for another record year

Taxation hits £6.78bn in FY25/26

Cameron Roberts
clock 19 December 2025 • 2 min read
Strong year predicted for IHT receipts

Strong year predicted for IHT receipts

£5.8bn for first eight months of 2025/26

Jen Frost
clock 19 December 2025 • 2 min read
FCA responds to Which? super complaint

FCA responds to Which? super complaint

Expansion of insurance work in 2026

Cameron Roberts
clock 18 December 2025 • 2 min read