IPT receipts surge 9% to £8.88bn in 2024/25
Data from HMRC has confirmed receipts from Insurance Premium Tax jumped by £737m in the 2024/25 financial year reaching a new high of £8.88bn.
The total was 9% higher than the previous record of £8.15bn the year before.
Financial services consultancy Broadstone noted that IPT has become “lucrative” for the Treasury.
As the table below shows, a decade ago IPT receipts stood at £2.97bn, meaning a 200% rise to reach the new peak.
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