IPT up to £7.6bn in 24/25

£853m in January 2025

Cameron Roberts
clock • 1 min read

HMRC data has revealed that Insurance Premium Tax (IPT) receipts stood at £853 million in January 2025.

The updated January haul brings the total 10-month IPT figure up to £7.6 billion for 2024/25. The 10-month figure is up 16%compared to the total this time last year, which stood at £6.5bn.  The January number also represents almost double the figure received in January 2024, in which HMRC reported £439m in IPT receipts. Cara Spinks, head of life and health, Broadstone, said: "With NHS waiting lists remaining well above pre-pandemic levels, individuals and employers are leaning more and more on independent healthcare services in order to protect themselves and their businesses from the...

To continue reading this article...

Join COVER for free

  • 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.

Join now

 

Already a Cover member?

Login

More on Regulation

Closing the protection gap will require advisers to think differently

Closing the protection gap will require advisers to think differently

“We won't close it through the actions of one adviser, one firm or one network”

Toni Smith
clock 30 September 2026 • 4 min read
Triple lock to change in 2030: Burnham

Triple lock to change in 2030: Burnham

PM said state pension to ‘rise at least by prices [inflation] or 2.5%’

Isabel Baxter
clock 29 September 2026 • 3 min read
Burnham to propose social care plans at general election

Burnham to propose social care plans at general election

Aims to be preventative

Jaskeet Briah
clock 28 September 2026 • 2 min read