Insurance premium tax receipts have continued to rise in the first quarter of the 2026/27 financial year, bringing the three-month total for April-June to £2.172bn, exceeding last year’s total across the same period by £2m, according to figures from HMRC.

At a monthly level, June 2026 receipts stood at £52m – £11m higher than the previous year where receipts stood at £41m. The latest figures follow a record annual total of £9.04bn for the 2025/26 financial year, which exceeded the previous year’s full-year total by £157m.

The Office for Budget Responsibility’s Spring Statement forecasts indicate that IPT is now expected to raise £57.8bn between 2025/26 and 2030/31, a £500m increase on estimates made following the Autumn Budget in November. Continued demand for health-related insurance products is expected to remain a key driver of growth.

Cara Spinks, head of life and health at financial services consultancy Broadstone, said: “IPT receipts have continued to grow in the early part of the new financial year, building on the record levels seen in 2025/26.

“Demand for health insurance remains strong as employers and individuals continue to look for ways to access healthcare more quickly, particularly while pressure on NHS services persists. At the same time, rising healthcare costs are feeding through into higher premiums, which is also contributing to increased IPT receipts.”