There are currently no known outstanding effects for the Finance Act 1994, Section 51.
(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] .]
Textual Amendments
F1S. 51 substituted (19.3.1997 with effect as mentioned in s. 24 of the amending Act) by 1997 c. 16, s. 21(1)
F2Words in s. 51(2)(a) substituted (27.7.2010 with effect as mentioned in s. 4(2) of the amending Act) by Finance (No. 2) Act 2010 (c. 31), s. 4(1)(a)
F3Words in s. 51(2)(b) substituted (with effect in accordance with s. 17(2)-(5) of the amending Act) by Finance Act 2017 (c. 10), s. 17(1)
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