That brings the total IPT collected in the first five months of this financial year to £4.50 billion, an increase of £72 million compared to the same period in last year (£4.24bn).
Brett Hill, Head of Health & Protection at Broadstone said: "Today’s HMRC data shows another Insurance Premium Tax windfall for the Treasury as it continues to climb to record levels. “An important driver behind this growth is likely to be surging demand for health insurance products as more individuals seek out alternative provision amid poor access to NHS services with millions left in limbo with undiagnosed and untreated conditions.
“Over the last few years, we have seen employers substantially widen their coverage of products like PMI and health cash plans to meet this rising demand and support staff, combat absenteeism and sustain productivity. But this trend carries consequences – rising claims and more complex, expensive treatments due to delayed care are already pushing premiums higher, putting pressure on affordability for individuals and businesses.
“If the Government wants to boost growth and ease the strain on the NHS, it must resist any hike to Insurance Premium Tax in the Autumn Budget as it looks for revenue raising measures to fill its fiscal gap."
HMRC data table
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