Finance Act 1994 (c. 9)

SCHEDULES

Valid from 01/10/1994

[F1 SCHEDULE 7A U.K. INSURANCE PREMIUM TAX: CONTRACTS THAT ARE NOT TAXABLE

Textual Amendments

F1 Sch. 7A inserted (1.10.1994) by S.I. 1994/1698, art. 5

PART I U.K. DESCRIPTIONS OF CONTRACT]

Contracts relating to commercial ships U.K.

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.