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According to this morning’s HMRC data, Insurance Premium Tax (IPT) receipts reached £1.2 billion in November 2024, bringing the eight-month 2024/25 total to £6.65 billion. The total IPT revenue now exceeds last year’s eighth-month total for the 2024/25 tax year (£6.02 billion) by 10.4% or £627 million. |
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. |
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