Part III Insurance Premium Tax
The basic provisions
F151 Rate of tax.
(1)
Tax shall be charged—
(a)
at the higher rate, in the case of a premium which is liable to tax at that rate; and
(b)
at the standard rate, in any other case.
(2)
For the purposes of this Part—
(a)
the higher rate is F220 per cent; and
(b)
the standard rate is F36 per cent.