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Headlines

The latest 12 months of provisional Insurance Premium Tax (IPT) receipts and liabilities data show that:

Receipts

• total IPT receipts for the last complete financial year 2025 to 2026 were 拢9,037 million, which is 拢154 million (1.7%) higher than the previous financial year 2024 to 2025

• total provisional IPT receipts for the 2026 to 2027 financial year-to-date (April to May) are 拢2,119 million, which is 拢10 million (0.5%) lower than the same period in the previous financial year 2025 to 2026

Liabilities

• standard rate IPT liabilities for the last complete financial year 2025 to 2026 were 拢8,825 million, which is 拢42 million (0.5%) higher than the previous financial year 2024 to 2025

• higher rate IPT liabilities for the last complete financial year 2025 to 2026 were 拢519 million, which is 拢33 million (6.7%) higher than the previous financial year 2024 to 2025

About this release

This publication provides Accredited Official Statistics on IPT receipts and declarations.

were previously known as National Statistics.

IPT is a tax on general insurance premiums. There are 2 rates:

• a standard rate charged on most insurance premiums
• a higher rate for travel insurance, mechanical or electrical appliances insurance and some vehicle insurance

The latest release was published 09:30 31 July 2026 and has been updated with provisional duty receipts data from June 2025 to May 2026 and provisional duty liabilities data from May 2025 to April 2026.

The next release will be published 09:30 30 July 2027 and will be updated with provisional duty receipts data from June 2026 to May 2027 and provisional duty liabilities data from May 2026 to April 2027.

The Insurance Premium Tax (IPT) Bulletin is . Its contents can be used as long as the source is made clear by the user.

Receipts

Table 1: Total IPT receipts for the previous ten financial years, in 拢 million

Financial Year	Total IPT receipts, 拢 million
2016-17	4,861
2017-18	5,669
2018-19	6,196
2019-20	6,415
2020-21	6,307
2021-22	6,627
2022-23	7,341
2023-24	8,146
2024-25	8,883
2025-26	9,037

For the full dataset that accompanies Table 1 go to Insurance Premium Tax (IPT) tables (July 2026)

Table 1 illustrates the following trends:

• IPT receipts have generally increased over the last decade, with a temporary interruption during the COVID-19 pandemic

• following the pandemic, receipts returned to an upward trend and have continued to grow in recent financial years

• growth in receipts reflects a combination of higher insurance premiums and changes in activity across insurance markets, increasing the overall tax base on which IPT is charged

• the general increasing trend since the financial year 2014 to 2015 is partly due to duty rate increases of standard rate IPT in 2015, 2016, and 2017

• receipts in 2025 to 2026 continued to be higher than in previous years, indicating that the longer-term upward trend in IPT revenues has been maintained

Returns analysis

IPT taxpayers mainly follow quarterly accounting periods. Tax returns are due by the end of the month following the accounting period. Payment of tax is also generally due to HMRC by the same time, but taxpayers who pay by direct debit are given a 7 day extension.

These accounting periods and payment patterns cause a 1 to 2 month lag between accounting periods ending and receipts being received by HMRC. This explains why the latest data for liabilities from returns is 1 month behind the latest data for receipts in this publication.

Table 2: Total standard and higher rate liabilities declared by financial quarter for the previous 6 financial years, in 拢 million

Financial Quarter	Standard Rated Liabilities, 拢 million	Higher Rated Liabilities, 拢 million	Total Liabilities, 拢 million
2020-21 Q1	1,565	70	1,635
2020-21 Q2	1,611	61	1,673
2020-21 Q3	1,560	64	1,623
2020-21 Q4	1,586	60	1,646
2021-22 Q1	1,696	58	1,754
2021-22 Q2	1,714	61	1,775
2021-22 Q3	1,664	61	1,725
2021-22 Q4	1,678	87	1,766
2022-23 Q1	1,855	86	1,941
2022-23 Q2	1,817	117	1,935
2022-23 Q3	1,819	111	1,930
2022-23 Q4	1,847	101	1,949
2023-24 Q1	2,053	113	2,166
2023-24 Q2	2,063	134	2,198
2023-24 Q3	2,056	122	2,178
2023-24 Q4	2,099	107	2,206
2024-25 Q1	2,277	123	2,400
2024-25 Q2	2,190	126	2,316
2024-25 Q3	2,133	119	2,252
2024-25 Q4	2,182	117	2,300
2025-26 Q1	2,301	141	2,442
2025-26 Q2	2,216	140	2,355
2025-26 Q3	2,160	118	2,277
2025-26 Q4	2,148	121	2,268

For the full dataset that accompanies Table 2 go to Insurance Premium Tax (IPT) tables (July 2026)

Table 2 illustrates the following trends:

• standard rate liabilities account for the majority of IPT liabilities throughout the period shown

• total liabilities have generally increased over time, despite some quarter-to-quarter variation

• the increase in liabilities has been driven primarily by growth in standard rate liabilities

• liabilities in 2025 to 2026 remained at a historically high level, continuing the broader upward trend seen in recent years

• revisions have been made to some liabilities figures, though the changes are minimal

Contacts

The IPT Bulletin is produced by the Indirect Tax Receipts Monitoring team as part of the Excise duties, VAT, and other tax statistics collection.

For statistical enquiries, contact:

revenuemonitoring@hmrc.gov.uk

For media enquiries, see HMRC press office.