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Finance Act 1994
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- UK Public General Acts
- 1994 c. 9
- Part III
- The basic provisions
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The basic provisions
48Insurance premium tax
(1)A tax, to be known as insurance premium tax, shall be charged in accordance with this Part.
(2)The tax shall be under the care and management of the Commissioners of Customs and Excise.
49Charge to tax
Tax shall be charged on the receipt of a premium by an insurer if the premium is received—
(a)under a taxable insurance contract, and
(b)on or after 1st October 1994.
50Chargeable amount
(1)Tax shall be charged by reference to the chargeable amount.
(2)For the purposes of this Part, the chargeable amount is such amount as, with the addition of the tax chargeable, is equal to the amount of the premium.
(3)Subsection (2) above shall have effect subject to section 69 below.
51Rate of tax
Tax shall be charged at the rate of 2.5 per cent.
52Liability to pay tax
(1)Tax shall be payable by the person who is the insurer in relation to the contract under which the premium is received.
(2)Subsection (1) above shall have effect subject to any regulations made under section 65 below.
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