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Government IPT revenues exceed £3bn for first four months of 2024/25 financial year

By 2024-08-22T11:00:00

tax receipts piggy bank looking swag cool hat on a pig looking ready to go

However, ’a reduction in IPT is unlikely at the Autumn budget,’ says head of insurance consulting

Insurance premium tax (IPT) receipts to His Majesty’s Revenue and Customs (HMRC) topped £3bn for the first four months of the 2024/25 financial year, according to new government data released yesterday (21 August 2024). 

In the data, HMRC showed that IPT receipts for the period April to July 2024 reached £3.07bn – a rise of 11% from the same period last year, when receipts reached £2.76bn.

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