Treasury collects £7.3bn in Insurance Premium Tax receipts

Insurance Premium Tax receipts rise by over a quarter in the past year

Isabel Baxter
clock • 1 min read

Insurance Premium Tax (IPT) receipts reached a “record” £7.34bn for the 2022/23 financial year, an increase of 11% from the £6.63bn in 2021/22.

The 2022/2023 figures also represent a 18% increase compared to five years prior with £6.2bn collected in 2018/19. In the first four months of this year IPT receipts totalled £2.76bn, a 27% increase compared to the same period last year. According to actuarial consultancy OAC, part of the Broadstone Group, this shows the rising cost and growing demand for health insurance products has increased intake for the Treasury.  Head of insurance consulting Cara Spinks said: "There appear to be two main drivers for the growth in IPT receipts. The first is the inflation in premiums due to in...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

Isabel Baxter
Author spotlight

Isabel Baxter

Senior Reporter at Professional Adviser

More on Regulation

Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 15 November 2024 • 3 min read
PFS turmoil continues as interim CEO Don MacIntyre exits

PFS turmoil continues as interim CEO Don MacIntyre exits

Organisation has been at loggerheads with CII

Jenna Brown
clock 05 November 2024 • 2 min read
Implications of the PRA's 2025 life insurance stress test

Implications of the PRA's 2025 life insurance stress test

A regulatory shift

Sheikh Yasir
clock 01 November 2024 • 4 min read