HM Revenue and Customs (HMRC) data revealed that the Insurance Premium Tax (IPT) haul has risen to £6.8 billion in the first nine months of this financial year 2025/26.
The figures show that IPT generated £43m in revenue for the Treasury in December 2025, which represents a £10m downturn compared to the same month in the previous year. Whilst the individual month may be down, overall, the IPT haul has grown by £115m compared to the first nine months of FY24/25, at which point the figure stood at £6.7bn. Cara Spinks, head of life and health, Broadstone, said: "Workplace health insurance claims continue to rise, and employers are increasingly turning to private medical insurance and health cash plans to manage the productivity drain caused by long term...
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