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.
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.
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.