50 Chargeable amount.U.K.
(1)Tax shall be charged by reference to the chargeable amount.
(2)For the purposes of this Part, the chargeable amount is such amount as, with the addition of the tax chargeable, is equal to the amount of the premium.
(3)[F1Subsections (1) and (2)] above shall have effect subject to [F2sections 69 and 69A] below.
Textual Amendments
F1Words in s. 23(3) substituted (19.3.1997 with effect as mentioned in s. 24 of the amending Act) by 1997 c. 16, s. 23(2)
F2Words in s. 50(3) substituted (1.3.2012) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 2(2)