Record-high receipts for IPT and employer NICs

HMRC data

Cameron Roberts
clock • 2 min read

The latest HMRC data showed that Insurance Premium Tax (IPT) and employer National Insurance Contributions (NICs) have both seen significant increases in total receipts this year.

IPT has continued its record year of receipts, with the total revenue received up to £5.5 billion in 2024, up 14% from the seven-month total from 2023. The income from October 2024 represented £956 million of this haul, up 24% on October 2023. It also shows a rapid increase in receipts month-on-month, £503m was collected in September 2024. Cara Spinks, head of life and health, Broadstone, said: "Health insurance products, such as health cash plans and private medical insurance, have seen increased pressure on premiums at a time when NHS challenges are driving employers to expand cover...

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