SCHEDULES

F1SCHEDULE 7A INSURANCE PREMIUM TAX: CONTRACTS THAT ARE NOT TAXABLE

Annotations:
Amendments (Textual)
F1

Sch. 7A inserted (1.10.1994) by S.I. 1994/1698, art. 5

PART I DESCRIPTIONS OF CONTRACT

Contracts relating to commercial ships

4

1

A contract falls within this paragraph if it relates only to a commercial ship 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, 6 and 12 of the classes specified in Part I of Schedule 2 to the Insurance Companies Act 1982 (ships, accident, third-party etc.).

3

For the purposes of this paragraph a commercial ship is a ship which is—

a

of a gross tonnage of 15 tons or more; and

b

not designed or adapted for use for recreation or pleasure.