Treasury collects £7.3bn in Insurance Premium Tax receipts

Insurance Premium Tax receipts rise by over a quarter in the past year

Isabel Baxter
clock • 1 min read

Insurance Premium Tax (IPT) receipts reached a “record” £7.34bn for the 2022/23 financial year, an increase of 11% from the £6.63bn in 2021/22.

The 2022/2023 figures also represent a 18% increase compared to five years prior with £6.2bn collected in 2018/19. In the first four months of this year IPT receipts totalled £2.76bn, a 27% increase compared to the same period last year. According to actuarial consultancy OAC, part of the Broadstone Group, this shows the rising cost and growing demand for health insurance products has increased intake for the Treasury.  Head of insurance consulting Cara Spinks said: "There appear to be two main drivers for the growth in IPT receipts. The first is the inflation in premiums due to in...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

Covers advisers, platforms and wealth managers

Sophia Panayi
clock 30 July 2026 • 3 min read
'Underperforming' sector does more damage to women over time

'Underperforming' sector does more damage to women over time

Y Tree executive director Eliana Sydes speaks to PA

Sophia Panayi
clock 29 July 2026 • 2 min read
Number of British millionaires drops to lowest level since 2008

Number of British millionaires drops to lowest level since 2008

Estimated number of 442,000

Sophia Panayi
clock 28 July 2026 • 3 min read