SCHEDULES
F1SCHEDULE 7A INSURANCE PREMIUM TAX: CONTRACTS THAT ARE NOT TAXABLE
PART I DESCRIPTIONS OF CONTRACT
Contracts relating to lifeboats and lifeboat equipment
5
1
A contract falls within this paragraph if it relates only to a lifeboat and is a contract whose effecting and carrying out constitutes business of one or more of the relevant classes and constitutes only such business.
2
For the purposes of this paragraph the relevant classes are classes 1, 6 and 12 of the classes specified in Part I of Schedule 2 to the Insurance Companies Act 1982 (ships, accident, third-party etc.).
3
For the purposes of this paragraph a lifeboat is a vessel used or to be used solely for rescue or assistance at sea.
6
1
A contract falls within this paragraph if it relates only to a lifeboat and lifeboat equipment and is such that, if it related only to a lifeboat, it would fall within paragraph 5 above.
2
In deciding whether a contract relates to lifeboat equipment the nature of the risks concerned is immaterial, and they may (for example) be risks of dying or sustaining injury or of loss or damage.
3
For the purposes of this paragraph—
a
“lifeboat” has the meaning given by paragraph 5(3) above; and
b
“lifeboat equipment” means anything used or to be used solely in connection with a lifeboat.
Sch. 7A inserted (1.10.1994) by S.I. 1994/1698, art. 5