Record Q1 for IPT

£2.1 billion collected

Cameron Roberts
clock • 2 min read

Insurance Premiums Tax receipts in June 2024 reached £69 million, bringing the total for Q1 2024/25 up to £2.1 billion.

This new figure represents a £235m rise in IPT collections year-on-year, the all-time high figure for the opening quarter of the year is 12.5% higher than the same period in 2023. The difficulties faced by the NHS is a contributing factor to the rise in receipts, alongside rising premiums paid. The health service had a waiting list of 7.6m patients at the end of May 2024. Brett Hill, head of health and protection, Broadstone, said: "NHS waiting lists remain at near-record highs and with 7.6 million stuck in the backlog for treatment, demand for private healthcare has risen to record l...

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

Industry reacts: FCA statement on vulnerable customers

Industry reacts: FCA statement on vulnerable customers

Protection’s part to play

Cameron Roberts
clock 07 March 2025 • 3 min read
FCA's vulnerability findings flag lack of tailored training and understanding

FCA's vulnerability findings flag lack of tailored training and understanding

Many firms had taken positive action but ‘areas for improvement remain’

Isabel Baxter
clock 07 March 2025 • 6 min read
More work needed to tackle UK 'inflationary pressure' as BoE members warn of further market upheaval

More work needed to tackle UK 'inflationary pressure' as BoE members warn of further market upheaval

Treasury Committee hearing

Sorin Dojan
clock 06 March 2025 • 2 min read