Insurance Premium Tax (IPT) receipts stood at £1.3 billion in February 2025, HMRC data has revealed.
IPT receipts stood at £853 million in January 2025, with February's figure bringing the the 11-month total to £8.8bn for the 2024/25 financial year. By comparison, a total £8.1bn was recorded for IPT receipts in the full 2023/24 financial year, meaning the tax in the current financial year has already registered a record annual haul, with one month of receipts yet to be recorded. Cara Spinks, head of life and health, Broadstone, said the latest IPT receipts confirm that 2024/25 will be yet another record IPT haul for the Chancellor, breaking the previous record by some distance. Sp...
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