Record-high receipts for IPT and employer NICs

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...