Record-high receipts for IPT and employer NICs

HMRC data

Cameron Roberts
clock • 2 min read

The latest HMRC data showed that Insurance Premium Tax (IPT) and employer National Insurance Contributions (NICs) have both seen significant increases in total receipts this year.

IPT has continued its record year of receipts, with the total revenue received up to £5.5 billion in 2024, up 14% from the seven-month total from 2023. The income from October 2024 represented £956 million of this haul, up 24% on October 2023. It also shows a rapid increase in receipts month-on-month, £503m was collected in September 2024. Cara Spinks, head of life and health, Broadstone, said: "Health insurance products, such as health cash plans and private medical insurance, have seen increased pressure on premiums at a time when NHS challenges are driving employers to expand cover...

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

ABI names Phoenix Group CEO as president

ABI names Phoenix Group CEO as president

Succeeds Zurich’s Tim Bailey

Jaskeet Briah
clock 26 February 2025 • 1 min read
FCA reconsidering ongoing advice services rules as review findings revealed

FCA reconsidering ongoing advice services rules as review findings revealed

Advisers delivering suitability reviews in ‘vast majority’ of cases

Jen Frost
clock 24 February 2025 • 2 min read
IPT up to £7.6bn in 24/25

IPT up to £7.6bn in 24/25

£853m in January 2025

Cameron Roberts
clock 21 February 2025 • 1 min read