The Insurance Premium Tax (Non-taxable Insurance Contracts) Order 2014

• Citation: S.I. 2014/2856
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the Insurance Premium Tax (Non-taxable Insurance Contracts) Order 2014 and comes into force on 1st December 2014.

Section 2 Amendments to Schedule 7A to the Finance Act 1994

In Part 1 (descriptions of contract) of Schedule 7A (insurance premium tax: contracts that are not taxable) to the Finance Act 1994 , after paragraph 7 insert—

Contracts relating to spacecraft

(7A)

(1) A contract falls within this paragraph if it relates only to the operation of a spacecraft and is a contract of general insurance of a relevant class.

(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—

(a) accidents,

(b) goods in transit,

(c) fire or natural forces,

(d) damage to, or loss or malfunction of, property, or

(e) general liability to third parties,

(and no other risks).

(3) For the purposes of this paragraph—

(a) the “operation of a spacecraft” means the launch, flight, orbit or re-entry of a spacecraft, and

(b) “spacecraft” includes all component parts of its launch vehicle.

Section 3 Amendments to Schedule 7A to the Finance Act 1994

In Part 2 (interpretation) of that Schedule in paragraph 16A after “7,” insert “7A,”.