Insurance Premium Tax (IPT) receipts recorded a total of £1.3bn in August 2025, which is down by £51m from the same month in 2024 when £1.35bn was recorded.
According to HMRC data, this figure brings total IPT receipts for the first five months of this financial year to £4.5bn. This marks a £72m increase compared to the same period last year when IPT receipts sat at £4.24bn. Although August's figure is lower than the same period in 2024, it marks an increase from July's figure. In July 2025, IPT recorded a total £1.03bn, this represented a £68m increase year-on-year and was up from the £957m collected in July 2024. Predictions from the Office for Budget Responsibility (OBR) reveal that IPT receipts for FY25/26 will reach £9.1bn, with t...
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