HM Revenue & Customs’ Insurance Premium Tax take stood at £853m in January 2025, bringing the 10-month total for the 2024/25 financial year to a record £7.6bn.
According to this morning’s HMRC data, the latest January tax haul stands at almost double the January 2024 total of £439m and marks a 17% increase on the 10-month total of the prior tax year which was £6.5bn.
This morning’s tax receipts update from HMRC also showed that Inheritance Tax (IHT) receipts reached £7.0bn through April 2024 to January 2025, £700m higher than the £6.3bn recorded in the previous financial year.
In the wake of the November Budget, St. James’s Place divisional director development and technical consultancy Tony Müdd warned that IHT was set to become an even greater source of revenue.
As a result he noted that protection and wealth advisers may need to start working more closely together to address their clients’ needs in this area.
Responding to the IPT figures, Cara Spinks, head of life and health at Broadstone, said: “The latest IPT data reveals that £853m was collected in receipts during January 2025, bringing the year-to-date total to a record £7.6bn in a sign that 2024/25 may be the largest IPT revenue-generating year yet for HMRC.
“With NHS waiting lists remaining well above pre-pandemic levels, individuals and employers are leaning more and more on independent healthcare services in order to protect themselves and their businesses from the risks of inactivity due to long-term sickness.
“Given that the government’s own Plan for Change for building an NHS Fit for the Future sets out from sickness to prevention as one of its key reform priorities, we urge the government to seriously consider removing IPT from these health insurance products in order to support its own mission.
“These products, which focus on prevention, health and wellbeing, are complementary to the wider goals of reducing NHS waiting lists, supporting an active and healthy workforce and boosting economic growth.”
