Subject to F1subsection (1A) below, any contract of insurance is a taxable insurance contract.

A contract is not a taxable insurance contract if it falls within one or more of the paragraphs of Part I of Schedule 7A to this Act.

Part II of Schedule 7A to this Act (interpretation of certain provisions of Part I) shall have effect.

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This section has effect subject to section 71 below.

This section and section 71 below have effect for the purposes of this Part.