Insurance Premium Tax receipts up – It looks like Insurance Premium Tax (IPT) is set for another record year in 2023/24, with receipts up 11% compared to the same period last year, according to an actuarial consultancy report.
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The actuarial consultancy, OAC, reported that HM Revenue and Customs (HMRC) receipts show that IPT has been collected by the Treasury so far this financial year, amounting to £6,03 billion, for the eight months beginning on April 6th, 2023/24.
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According to OAC, rising insurance costs across the board have hit households hard, adding to their budget worries amid a squeeze on living standards.
There has also been an increase in private health insurance, with employers and individuals seeking alternatives to the overcrowded public health service, and a possible tax cut from the Treasury ahead of the 2024 General Election.
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If the Treasury minimizes IPT increases, it could provide a double boost to the economy, helping to ease the strain on household finances while also reducing inactivity.
