Part III Insurance Premium Tax
The basic provisions
51F1 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 F312 per cent .