General Insurance Article - IPT receipts for 2024 to 2025 hits over GB7bn in January

 Cara Spinks, Head of Life & Health at leading financial services consultancy Broadstone, said: "The latest IPT data reveals that £853 million was collected in receipts during January 2025, bringing the year-to-date total to a record £7.6 billion in a sign that 2024/25 may be the largest IPT revenue-generating year yet for HMRC. With NHS waiting lists remaining well above pre-pandemic levels, individuals and employers are leaning more and more on independent healthcare services in order to protect themselves and their businesses from the risks of inactivity due to long-term sickness. Products such as health cash plans and private medical insurance can provide immediate access to preventative and supportive treatments, which shorten the amount of time people spend in ill-health. They achieve this by providing a range of services aimed at preventing illnesses before they happen, as well as providing the means for earlier identification and management of chronic conditions. Given that the government’s own Plan for Change for building an NHS Fit for the Future sets out ‘from sickness to prevention’ as one of its key reform priorities, we urge the government to seriously consider removing IPT from these health insurance products in order to support its own mission. These products, which focus on prevention, health and wellbeing, are complementary to the wider goals of reducing NHS waiting lists, supporting an active and healthy workforce and boosting economic growth.”