The Autumn Budget’s failure to cut Insurance Premium Tax (IPT) rates on health products undercuts its commitment to empowering businesses to keep employees healthy.
The Budget could have been an opportunity for the Government to reinforce the learnings of the Keep Britain Working report by slashing IPT, according to industry experts. HMRC data showed that Insurance Premium Tax (IPT) has collected £5.52 billion in the first seven months of financial year 2025/26. The figure marks an uptick of £68 million year-on-year, the figure stood at £5.45bn at this point in 2024/25. The Office for Budget Responsibility (OBR) released its projection for IPT, in which it said the taxation would raise £56.07bn between 2024/25 and 2029/30, marking a slight £0.34b...
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