IPT exceeds £1bn in July 2025

The figure represents a £68 million increase year-on-year, up from £957m collected in July 2024. These receipts bring the total IPT haul in the first four months of financial year 25/26 up to £3.2bn, up £123m from last year's four-month figure of £3.07bn. Office for Budget Responsibility (OBR) predicted that IPT receipts for FY25/26 will reach £9.1bn, with the figure set to reach £9.8bn by the end of the decade. Receipts hit £2.17bn in the first quarter of this financial year, an increase of £55m, or 2.6%, compared to the same period in 2024/25 when IPT receipts sat at £2.12bn. ...