Insurance Premium Tax (IPT) receipts hit £3.07 billion in the first four months (Q1) of 2024/25, up 11% from £2.76bn in the same period last year, according to HMRC data.
A total of £957 million was collected through July 2024, compared to £884 million in the same month in the previous year. Cara Spinks, head of life & health, Broadstone, said that reduction in IPT for health insurance products such as private medical insurance (PMI) and health cash plans is unlikely at the Autumn Budget in October due to the Chancellor's desire to find alternative revenue streams to reduce the size of the UK's fiscal ‘black hole'. "However, given this administration's focus on growth, it is an area we would encourage them to scrutinise carefully. Providing affordable ...
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