HMRC data released this morning showed that Insurance Premium Tax (IPT) receipts hit £1.2 billion in November 2024.
The additional revenue brings the eight-month total for the 2024/25 tax year up to £6.65 billion. That figure exceeds the figure from the same period last year by £627 million, or 10.4%. Cara Spinks, head of life and health, Broadstone, said: "As the Government winds down for the Christmas break, this morning's data reinforces the significance of Insurance Premium Tax for the Treasury. November's IPT receipts of £1.2 million push the 2024/25 eight-month total to £6.65 billion." Last month also saw an increase to the receipts, with a 24% rise year on year in October 2024. This means th...
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