IPT up 11% year on year

£8.1bn collected in 23/24

Cameron Roberts
clock • 1 min read

Insurance Premiums Tax (IPT) collected a total of £8.1 billion in 2023/24, according to the latest tax receipts from HMRC.

This marks the third successive year of record numbers for IPT, with £7.3bn generated in 2022/23. The Office for Budget Responsibility (OBR) predicts this number will rise to £8.8bn by 2028/29. The news comes on the heels of a record month for IPT, February 2024 saw it rake in £1.5bn. This momentous month caused the OBR to revisit its forecasted revenues, turning it upwards by over £370m between 2023/24 and 2028/29. Cara Spinks, head of insurance consulting, OAC, commented: "The full year HMRC figures confirm yet another record-breaking year for IPT driven by rising insurance premiums...

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

More on Regulation

FCA proposes reduction of data reporting for firms

FCA proposes reduction of data reporting for firms

Supports regulator’s aim to ‘reduce burden’

Isabel Baxter
clock 17 April 2025 • 2 min read
Christine Elliott departs as PFS chair

Christine Elliott departs as PFS chair

Carla Brown takes the role

Isabel Baxter
clock 15 April 2025 • 2 min read
FCA takes aim at bereavement and PoA policies

FCA takes aim at bereavement and PoA policies

Good and bad practices released

Cameron Roberts
clock 14 April 2025 • 3 min read