SCHEDULES
C1 SCHEDULE 7 Insurance premium tax
Annotations:
Modifications etc. (not altering text)
Part VI Miscellaneous
Adjustment of contracts
35
1
Where, after the making of a contract of insurance and before a given premium is received by the insurer under the contract, there is a change in the tax chargeable on the receipt of the premium, then, unless the contract otherwise provided, there shall be added to or deducted from the amount payable as the premium an amount equal to the difference between—
a
the tax chargeable had the change not been made, and
b
the tax in fact chargeable.
2
References in sub-paragraph (1) above to a change in the tax chargeable include references to a change to or from no tax being chargeable.
3
Where this paragraph applies, the amount of the premium shall not be treated as altered for the purposes of calculating tax.
Sch. 7 extended (19.3.1997) by 1997 c. 16, s. 50, Sch. 5 Pt. I paras. 1, 4(2)