Finance Act 1994 (c. 9)

SCHEDULES

[F1 SCHEDULE 7A U.K. INSURANCE PREMIUM TAX: CONTRACTS THAT ARE NOT TAXABLE

Textual Amendments

F1 Sch. 7A inserted (1.10.1994) by S.I. 1994/1698, art. 5

PART I U.K. DESCRIPTIONS OF CONTRACT]

[F2 Contracts relating to spacecraft U.K.

Textual Amendments

F2 Sch. 7A para. 7A and cross-heading inserted (1.12.2014) by The Insurance Premium Tax (Non-taxable Insurance Contracts) Order 2014 (S.I. 2014/2856), arts. 1, 2

7A (1) A contract falls within this paragraph if it relates only to the operation of a spacecraft and is a contract of general insurance of a relevant class. U.K.

(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—

(a) accidents,

(b) goods in transit,

(c) fire or natural forces,

(d) damage to, or loss or malfunction of, property, or

(e) general liability to third parties,

(and no other risks).

(3) For the purposes of this paragraph—

(a) the “operation of a spacecraft” means the launch, flight, orbit or re-entry of a spacecraft, and

(b) “spacecraft” includes all component parts of its launch vehicle.]