IPT receipts to hit record high £9bn
Annual income from the Insurance Premium Tax in 2025/26 is set to break through last year’s record, coming just shy of £9bn, according to the Office for Budget Responsibility’s Autumn Budget projections.
The total for 2024/25 stood at £8.8bn, which was 9% higher than the previous year’s takings of £8.15bn.
Financial services consultancy Broadstone noted the first nine months of 2025/26 has generated £6.8bn, £115m higher than the same period last year.
Workplace health insurance claims continue to rise, and employers are increasingly turning to PMI and Health Cash Plans to manage the productivity drain caused by long term sickness and ongoing NHS access challenges.Cara Spinks, head of life and
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