General Insurance Article - IPT windfall sets new annual high

 Cara Spinks, Head of Life & Health at Broadstone, commented: "The full-year IPT receipts to March 2025 indicate another significant increase for the Chancellor, surpassing previous records and providing the Treasury with a substantial multi-billion-pound boost. The increasing demand for health insurance products such as private medical insurance and health cash plans, partially driven by longer NHS waiting lists, has contributed to this growth. We have noticed an increasing number of employers seeking support from the independent healthcare sector for their workforce. This shift is largely due to the rise in economic inactivity caused by chronic illness combined with ongoing challenges within the NHS which have limited its ability to support general population health and productivity.

 "As the Government continues to explore ways to enhance the nation's health and wellbeing, removing or reducing IPT from health insurance products could be a strategic move. While this would need to be balanced against a potential reduction in tax revenue, it could support the Government’s goals of boosting productivity, complement the valuable work of the NHS, and increase workforce participation.

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