A total of £1.48 billion was recorded in Insurance Premium Tax (IPT) receipts in May 2025, which is up by £50 million compared to the same month last year, according to HMRC data.
This brings the total IPT figure for the first two months of the 2025/26 financial year to £2.13bn, rising by £83m from the same period in 2024/25 when the figure stood at £2.05bn. The figure recorded in May 2025 follows a "record high" start to the new tax year. IPT receipts sat at £648m in April, marking 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%. Elsewhere, according to forecasts from the Office for Budge...
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