Insurance Premium Tax (IPT) collected £9.04 billion in the full 2025/26 financial year, increasing by £157 million from last year’s total of £8.88bn, according to HMRC data.
This comes as IPT generated £88m in March 2026, rising from the recent recorded figure of £8.95bn in the last 11 months of this financial year. IPT receipts have increased by 2.73bn, or 43%, since five years ago where it sat at £6.31bn during the 2020/21 financial year. Compared to one decade prior to the latest figures, annual receipts were at £3.29bn, marking a 174% increase to current levels. Cara Spinks, head of life and health, Broadstone, said: "Another record year for IPT receipts reflects how significant this tax has become for the public finances." According to the Off...
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