(1)Tax shall be charged by reference to the chargeable amount.
(2)For the purposes of this Part, the chargeable amount is such amount as, with the addition of the tax chargeable, is equal to the amount of the premium.
(3)[F1Subsections (1) and (2)] above shall have effect subject to section 69 below.
Textual Amendments
F1Words in s. 23(3) substituted (19.3.1997 with effect as mentioned in s. 24 of the amending Act) by 1997 c. 16, s. 23(2)