SCHEDULES
F1SCHEDULE 7A INSURANCE PREMIUM TAX: CONTRACTS THAT ARE NOT TAXABLE
Annotations:
Amendments (Textual)
PART I DESCRIPTIONS OF CONTRACT
Contracts relating to commercial aircraft
7
1
A contract falls within this paragraph if it relates only to a commercial aircraft and is a contract whose effecting and carrying out constitutes business of one or more of the relevant classes and constitutes only such business.
2
For the purposes of this paragraph the relevant classes are classes 1, 5 and 11 of the classes specified in Part I of Schedule 2 to the Insurance Companies Act 1982 (aircraft, accident, third-party etc.).
3
For the purposes of this paragraph a commercial aircraft is an aircraft which is—
a
of a weight of 8,000 kilogrammes or more; and
b
not designed or adapted for use for recreation or pleasure.
Sch. 7A inserted (1.10.1994) by S.I. 1994/1698, art. 5