The Office for Budget Responsibility (OBR) has adjusted its insurance premium tax (IPT) forecast, showing the taxation will rake in £57.8 billion between financial years 2025/26 and 2030/31.
This change marks a £0.5bn increase from the previous OBR forecast in November 2025, which predicted a £57.3bn haul in that timeframe. IPT receipts recorded £7.7bn in the first 10 months of financial year 2025/26, according to HMRC data. This marks a £134 million increase on the same period last year, when IPT receipts stood at £7.56bn for the first 10 months of 2024/25. This contributed to a record annual total of £8.88bn. Cara Spinks, head of life and health, Broadstone, said: "While the Chancellor spoke about tackling economic inactivity and supporting the NHS, she has missed a ...
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