Data from HMRC shows that insurance premium tax receipts hit £853m in January 2025 and took the 10-month total for the 2024/25 financial year to £7.6bn. The monthly total for January is almost double the £439 collected in the same month last year while the 10-month running total is up by 16%.

Cara Spinks, director at financial consultancy 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 £7.6 billion in a sign that 2024/25 may be the largest IPT revenue-generating year yet for HMRC.”