A total of £8.88 billion was recorded in Insurance Premium Tax (IPT) receipts for the full financial year 2024/25, according to HMRC data.
This marks a 9% - or £737 million - increase from the £8.15bn recorded in financial year 2023/24. IPT receipts also hit a record £2.17bn through the first quarter of current financial year 2025/26. This is an increase of £55m - or 2.6% - compared to the same period in 2024/25 when IPT receipts sat at £2.12bn. Overall, IPT receipts have increased by 40% - or £2.58bn - over the last five years to the latest financial year, rising from £6.31bn in 2020/21. Compared to a decade ago, this marks an increase of 170% - or £5.59bn – compared to 2024/25. Ewen Tweedie, actuarial director, Broa...
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