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Finance Act 1994, Section 73 is up to date with all changes known to be in force on or before 25 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Unless the context otherwise requires—
“accounting period” shall be construed in accordance with section 54 above;
“appeal tribunal” means [F1the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal;] ;
“authorised person” means any person acting under the authority of the Commissioners;
“the Commissioners” means the Commissioners of Customs and Excise;
“conduct” includes any act, omission or statement;
[F2“excepted premium” has the meaning given by section 69A(7) above;]
[F3“the higher rate” shall be construed in accordance with section 51 above;]
[F4“HMRC” means Her Majesty’s Revenue and Customs;]
[F5“insurance business” means a business which consists of or includes the provision of insurance;]
“insurer” means a person or body of persons (whether incorporated or not) carrying on insurance business;
“
” means this Part (as defined by subsection (9) below), any other enactment (whenever passed) relating to insurance premium tax, and any subordinate legislation made under any such enactment;[F2“part-exempt contract” has the meaning given by section 69A(7) above;]
“prescribed” means prescribed by an order or regulations under this Part;
[F3“the standard rate” shall be construed in accordance with section 51 above;]
“tax” means insurance premium tax;
F6...
“taxable business” means a business which consists of or includes the provision of insurance under taxable insurance contracts;
“taxable insurance contract” shall be construed in accordance with section 70 above.
[F7“taxable intermediary” shall be construed in accordance with section 52A above;]
[F7“taxable intermediary’s fees” has the meaning given by section 53AA(9) above.]
(2)A risk is situated in the United Kingdom if, by virtue of section 96A(3) of the M1Insurance Companies Act 1982, it is situated in the United Kingdom for the purposes of that Act.
(3)[F8Subject to subsection (3A) below,] a registrable person is a person who—
(a)is registered under section 53 above, or
(b)is liable to be registered under that section.
[F9(3A)References in sections 53A and 54 above and paragraphs 1, 9 and 12 of Schedule 7 to this Act to a registrable person include a reference to a person who—
(a)is registered under section 53AA above; or
(b)is liable to be registered under that section.]
(4)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.
(5)A commercial aircraft is an aircraft which is—
(a)of a weight of 8,000 kilogrammes or more, and
(b)not designed or adapted for use for recreation or pleasure.
(6)A lifeboat is a vessel used or to be used solely for rescue or assistance at sea; and lifeboat equipment is anything used or to be used solely in connection with a lifeboat.
(7)Foreign or international railway rolling stock is railway rolling stock used principally for journeys taking place wholly or partly outside the United Kingdom.
(8)Goods in foreign or international transit are goods in transit where their carriage—
(a)begins and ends outside the United Kingdom,
(b)begins outside but ends in the United Kingdom, or
(c)ends outside but begins in the United Kingdom.
(9)A reference to this Part includes a reference to any order or regulations made under it and a reference to a provision of this Part includes a reference to any order or regulations made under the provision, unless otherwise required by the context or any order or regulations.
(10)This section has effect for the purposes of this Part.
Textual Amendments
F1Words in s. 73(1) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 208(2)(a)
F2Words in s. 73(1) inserted (1.3.2012) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 2(6)
F3Definitions in s. 73(1) inserted (19.3.1997 with effect as mentioned in s. 24 of the amending Act) by 1997 c. 16, s. 21(2)
F4Words in s. 73(1) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 208(2)(b)
F5Definition in s. 73(1) inserted (1.5.1995) by 1995 c. 4, s. 34, Sch. 5 para. 6
F6Words in s. 73(1) omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), s. 142(1)(c)
F7Definitions in s. 73(1) inserted (19.3.1997) by 1997 c. 16, s. 27(9)
F8Words in s. 73(3) inserted (19.3.1997) by 1997 c. 16, s. 27(10)
F9S. 73(3A) inserted (19.3.1997) by 1997 c. 16, s. 27(10)
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