Insurance Premium Tax (IPT) receipts reached £6.65bn for the first eight months of 2024-25, taking it ahead of receipts from Tobacco Tax for the year so far. If that trend continues it would mean the annual revenue from IPT exceeding Tobacco Tax for the first time this financial year, according to data from HM Revenue and Customs which goes back to the 2004-05 tax years. The higher annual receipts for IPT come even though the November 2024 IPT total of £1.201bn was slightly less than the £1.263bn total for November 2023. But the total IPT revenue now exceeds last year’s eighth-month total of £6.02bn by 10.4% or £627m, meaning HRMC is likely to once again increase its IPT receipts. For the 20... [Read more]