At a monthly level, receipts stood at £1.52 million in August 2026 - £1.30 million higher than the previous year where receipts stood at £223 million. The latest figures follow a record annual total of £9.04 billion for the 2025/26 financial year, which exceeded the previous year’s full-year total of £8.88 billion by £157 million.
The Office for Budget Responsibility’s Spring Statement forecasts indicate that IPT is now expected to raise £57.8 billion between 2025/26 and 2030/31, a £500 million upgrade on estimates made following the Autumn Budget in November (£57.3 billion). Continued demand for health-related insurance products is expected to remain a key driver of growth.
Cara Spinks, Head of Life & Health at Broadstone, commented: "IPT continues to generate significant revenues for the Treasury, with receipts remaining on an upward trend as demand for insurance products grows and premiums increase.
"In the health insurance market, demand remains strong as employers and individuals seek quicker access to healthcare and additional support services. At the same time, higher medical inflation is feeding through into increased premiums, which is contributing to higher IPT receipts.
"As policymakers look for ways to improve economic growth and reduce health-related inactivity, the case is stronger than ever for recognising the role that health insurance products can play. Products such as PMI and health cash plans provide valuable access to health screening and early intervention, as well as mental health and rehabilitation services.
“Supporting access to these services would help people stay in work or return sooner and is directly aligned with the Mayfield Review, which puts employers at the heart of prevention and early intervention.
“The Review recognises that employers are uniquely placed to support workforce health before problems result in long-term absence, and reducing the tax burden on the tools that enable them to do this would be a practical way for Government to help turn those recommendations into action.”
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