Total insurer IPT bill close to £30bn

The payment made brings the total the industry has paid in IPT since it was introduced in October 1994 to nearly £30bn. The calculations show the industry accrued a liability of £2.613bn in 2010/11, an increase of more than 11% on the previous year (£2.349bn). The total paid since 1 October 1994 is £29.397bn. Last year was the single biggest payment, beating the previous highest year of 20041/05 when the industry gave the Treasury £2.359bn.