IPT hits record £8.1bn in 2023/24

Insurance Premium Tax receipts totalled a record £8.15bn in 2023/24, up 11.4% on the year before, HMRC has confirmed.

Data released today showed the amount generated by the tax has nearly quadrupled in the past decade (see table below).

In February, when the year-to-date figure stood at £6.7bn, the Association of British Insurers unveiled a mascot – named Snippy – in its campaign for a cut in IPT.

RelatedABI campaigning for IPT cut 

There has never been a greater need for a cut in Insurance Premium Tax according to the Association of British Insurers as it campaigns for an immediate drop in the rate.

Just days

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