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.