HMRC data released today indicated that Insurance Premium Tax (IPT) receipts reached £53 million in December 2024, bringing the total Q1-3 FY24/25 figure to £6.7 billion.
Q3 December 2023 saw receipts hit £2.2bn, a year-on-year increase of 5%, or £101m. The Q1-3 figure of £6.7bn is 10% higher than the previous year's total Q1-Q3, the increase represents an additional £604m for the treasury. IPT figures have risen sharply since the pandemic, when comparing Q1-3 statistics from 2019/20, the total figure has increased by 39%. IPT receipts hit £1.2 billion in November 2024, December was a continuation of increasingly high income from the taxation for the Treasury. Cara Spinks, head of life & health, Broadstone, said: "Demand for independent healthcare s...
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