IPT receipts dip fractionally in half-year
The government took in £11m less in Insurance Premium Tax in the first six months of the financial year compared to the same period of 2024/25, data from HMRC has revealed.
The total for April to September slipped year-on-year from £4.536bn to £4.525bn.
The drop has followed years of IPT receipts rising (see graph below), reaching a record annual total of £9.037bn last year.
The half-year decline fall has come against the backdrop of continued softening in the insurance market.
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