Insurance Premium Tax (IPT) receipts hit a total of £2.17 billion in the first quarter of financial year 2025/26, according to HMRC data.
This marks an increase of £55 million, or 2.6%, compared to the same period in 2024/25 when IPT receipts sat at £2.12bn. The total figure follows a consistent increase in IPT receipts. In May 2025, IPT receipts increased by £50m year-on-year, bringing the total for the first two months of the 2025/26 financial year to £2.13bn. This is up by £83m from the same period in 2024/25 when the figure stood at £2.05bn. Total IPT receipts for this year 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 ...
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