Insurance Premium Tax (IPT) receipts reached £4.42 billion during the first five months of financial year 2024/25, according to HMRC.
The £4.42bn figure represents a 13% increase from £3.92bn recorded during the same period last year. In August 2024, a total of £1.35bn was collected compared to £1.16bn in the same month in 2023. This follows a continuous rise in IPT receipts as £3.07bn was collected in the first four months (Q1) of 2024/25, up 11% from £2.76bn in the same period last year. Through 2023/24, HMRC reported that a total of £8.1bn was collected in IPT, marking the third successive year of record numbers for IPT, with £7.3bn generated in 2022/23. According to the Office for Budget Responsibility (OBR),...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- 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.
