Insurance Premium Tax avoided the attention of Chancellor Rachel Reeves in yesterday’s Budget, but associated documents highlighted that the Office for Budget Responsibility has increased its forecasted IPT receipts by £3.5bn for the period between 2024/25 and 2028/29. It estimates total receipts at £45.9bn, up from £42.4bn.

Brett Hill, head of health and protection at consultancy Broadstone, said: “While it is positive that the IPT rate has not been raised as speculated, the Chancellor can nonetheless look forward to higher than previously expected revenues from the levy over the next five years.”