HMRC data released today showed that Insurance Premium Tax (IPT) receipts stood at £61 million in March 2025.
The month's figures bring the 2024/25 total to £8.88 billion, a record total which exceeds 2023/24 total of £8.15bn by £737m, or 9%. February 2025's figures ended at £1.3 billion in February 2025, which put the haul on course for its record year. Cara Spinks, head of life and health, Broadstone, commented: "The full-year IPT receipts to March 2025 indicate another significant increase for the Chancellor, surpassing previous records and providing the Treasury with a substantial multi-billion-pound boost. "The increasing demand for health insurance products such as private medical in...
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