Life - Articles - IPT receipts hit over GBP1 billion in November 2024

 Cara Spinks, Head of Life & Health at leading financial services consultancy Broadstone, said: “As the Government winds down for the Christmas break, this morning’s data reinforces the significance of Insurance Premium Tax for the Treasury. November’s IPT receipts of £1.2 million push the 2024/25 eight-month total to £6.65 billion.

 “With winter illnesses exacerbating an already pressured NHS, demand for private healthcare services continues to rise. This growing reliance on the private sector is driving up premiums for products such as health cash plans and private medical insurance. However, the additional burden of IPT risks making these vital health insurance products less accessible, limiting the accessibility of preventative health care benefits that could ease the pressure on public health services.
 
 “Health insurance is a critical tool in supporting workforce wellbeing by reducing absenteeism and enhancing access to care. We urge the government to consider reducing IPT on health insurance products to help expand access to private healthcare, support the health of the UK workforce, and drive long-term economic resilience.”