Insurance Premium Tax (IPT) receipts sat at £648 million in April 2025, according to HMRC data, marking a “record high” at the start of the new tax year.
The figure is a £33m - or 5% - increase from this time last year which initiated a "record year" of receipts. The total for financial year 2024/25 was £8.88 billion and exceeded the 2023/24 full year total of £8.15bn by £737m, or 9%. Cara Spinks, head of life and health, Broadstone, said: "IPT receipts for April 2025 have got the 2025/26 financial year off to a robust start, with levels already £33m higher than the same period last year. "After last year's record £8.88bn in IPT receipts, today's data for April continues to reinforce IPT as a healthy revenue source for Treasury, thanks...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- 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.
