SCHEDULES

SCHEDULE 7A INSURANCE PREMIUM TAX: CONTRACTS THAT ARE NOT TAXABLE

PART I DESCRIPTIONS OF CONTRACT

Contracts relating to risks outside the United Kingdom

8

(1)

A contract falls within this paragraph if it relates only to a risk which is situated outside the United Kingdom.

F1(2)

The question of whether a risk is situated in the United Kingdom shall be determined in accordance with regulations made under section 424(3) of the Financial Services and Markets Act 2000; but in determining that question as respects a contract which relates to a building it shall be irrelevant whether or not the contract also covers the contents of the building.