Knowledge from HMRC has confirmed receipts from Insurance coverage Premium Tax jumped by £737m within the 2024/25 monetary 12 months reaching a brand new excessive of £8.88bn.
The whole was 9% increased than the earlier document of £8.15bn the 12 months earlier than.
Monetary companies consultancy Broadstone famous that IPT has grow to be “profitable” for the Treasury.
Because the desk beneath exhibits, a decade in the past IPT receipts stood at £2.97bn, which means a 200% rise to achieve the brand new peak.
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