Insurance coverage Premium Tax receipts totalled a report £8.15bn in 2023/24, up 11.4% on the 12 months earlier than, HMRC has confirmed.
Knowledge launched right this moment confirmed the quantity generated by the tax has practically quadrupled up to now decade (see desk under).
In February, when the year-to-date determine stood at £6.7bn, the Affiliation of British Insurers unveiled a mascot – named Snippy – in its marketing campaign for a minimize in IPT.
RelatedABI campaigning for IPT minimize
There has by no means been a larger want for a minimize in Insurance coverage Premium Tax based on the Affiliation of British Insurers because it campaigns for an instantaneous drop within the fee.
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