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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Insurance Premium Tax (Non-taxable Insurance Contracts) Order 2014 No. 2856 URL: http://www.bailii.org/uk/legis/num_reg/2014/uksi_20142856_en_1.html |
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Order made by the Treasury, laid before the House of Commons under section 74(4) of the Finance Act 1994, for approval by resolution of that House within twenty-eight days beginning with the date on which the Order was made, subject to extension for periods of dissolution, prorogation or adjournment for more than four days.
Statutory Instruments
Insurance Premium Tax
Made
27th October 2014
Laid before the House of Commons
27th October 2014
Coming into force
1st December 2014
The Treasury make the following Order in exercise of the powers conferred by section 71 of the Finance Act 1994(1).
1. This Order may be cited as the Insurance Premium Tax (Non-taxable Insurance Contracts) Order 2014 and comes into force on 1st December 2014.
2. In Part 1 (descriptions of contract) of Schedule 7A (insurance premium tax: contracts that are not taxable) to the Finance Act 1994(2), after paragraph 7 insert-
7A (1) A contract falls within this paragraph if it relates only to the operation of a spacecraft and is a contract of general insurance of a relevant class.
(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to-
(a)accidents,
(b)goods in transit,
(c)fire or natural forces,
(d)damage to, or loss or malfunction of, property, or
(e)general liability to third parties,
(and no other risks).
(3) For the purposes of this paragraph-
(a)the "operation of a spacecraft" means the launch, flight, orbit or re-entry of a spacecraft, and
(b)"spacecraft" includes all component parts of its launch vehicle.".
3. In Part 2 (interpretation) of that Schedule in paragraph 16A after "7," insert "7A,".
Harriet Baldwin
David Evennett
Two of the Lords Commissioners of Her Majesty's Treasury
27th October 2014
(This note is not part of the Order)
Insurance Premium Tax (‘IPT') is charged on premiums receivable under taxable insurance contracts. Specified contracts of insurance are exempted from IPT. Article 2 of this order provides for contracts that insure certain risks in respect of spacecraft to be exempt from IPT.
A Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm .
Schedule 7A was inserted by S.I. 1994/1698; relevant amendments were made by S.I. 2001/3649.
