Insurance Premium Tax (IPT) receipts hit £4.53bn in the first half (H1) of the 2026/2027 financial year, according to HMRC data.
This marks a drop of £11m compared to the year prior, where a record six-month total of £4.54bn was recorded in H1. IPT receipts stood at £40m in September 2026, standing at the same level as September 2025. Cara Spinks, head of life and health, Broadstone, said the near-record IPT receipts of £4.53bn in H1 2026/2027 highlight the growing cost of insurance. "Pressure on NHS services means more employers and individuals are turning to private medical insurance and other health insurance products to access diagnosis and treatment more quickly," Spinks said. "At the same time, risi...
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