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Statutory Instruments

2014 No. 2856

Insurance Premium Tax

The Insurance Premium Tax (Non-taxable Insurance Contracts) Order 2014

Approved by the House of Commons

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 ).

Citation and commencement

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.

Amendments to Schedule 7A to the Finance Act 1994

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—

Contracts relating to spacecraft

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

( 1 )

1994 c. 9 .

( 2 )

Schedule 7A was inserted by S.I. 1994/1698 ; relevant amendments were made by S.I. 2001/3649 .

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Insurance Premium Tax (Non-taxable Insurance Contracts) Order 2014 (2014/2856)

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