Context
HMRC has published updated details of its tax receipts and National Insurance contributions for the UK. These are presented in a spreadsheet format, and are accompanied by monthly and annual commentary Bulletins
Key points to note and next actions
- Although there is no commentary in either the monthly or annual Bulletins in relation to Insurance Premium Tax (IPT), the spreadsheet details the contribution to the HMRC purse from IPT over a number of years.
- The total IPT receipts for the 2024/2025 tax year amounted to just under £8.9bn. This exceeded the previous year’s total of £8.15bn by some £737m, or 9%.
- Ten years earlier, in the 2014/15 tax year, IPT receipts were £2.97bn, so IPT receipts have almost trebled in ten years