IPT receipts reach 2.12 billion in May

Following a record 2025/26 financial year total of £9.04 billion, this total exceeded the 2024/25 full year total of £8.88 billion by £157 million.

The Office for Budget Responsibility’s Spring Statement forecasts indicate that IPT is now expected to raise £57.8 billion between 2025/26 and 2030/31. This marks a £500 million upgrade from estimates made after the Autumn Budget in November.

IPT Growth Driven by Health-Related Insurance Products

Continued demand for health-related insurance products drives growth in IPT receipts. Cara Spinks, Head of Life & Health at Broadstone, commented on the strong demand for health insurance, citing pressures across the NHS as a key factor.

Spinks noted that appetite for health insurance remains strong, with both employers and individuals valuing faster access to healthcare services. This is helping to sustain demand and place upward pressure on premiums, as evidenced by record employer-funded insured admissions in 2025.

They believe that moving the emphasis from signing employees off work to providing better support for staying in, or returning to, employment reflects a broader policy drive to address economic inactivity.

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Many organisations still see health insurance as an important part of their employee benefits offering. However, rising premiums could make cover less accessible, despite continued demand, at a time when encouraging workforce participation remains a key priority for policymakers.

As IPT receipts continue to trend upwards over the longer term, the current tax treatment of health insurance may not be fully in step with the Government’s wider objectives. Improving access to preventative healthcare and early intervention services, especially through employer-sponsored cover, could help more people remain economically active while also reducing pressure on public healthcare provision.

Long-Term Implications of IPT Growth

The Office for Budget Responsibility’s forecasts suggest that IPT will continue to raise significant revenue for the Government over the next few years. The demand for health-related insurance products continues to drive growth in IPT receipts.

It will be important to monitor the impact of this growth on the wider healthcare system and the economy as a whole.