Part III Insurance Premium Tax
Miscellaneous
69CF1Part-exempt contracts: exemption from requirement to make returns
1
If the condition in subsection (2) is met, a registrable person may apply in writing to the Commissioners for an exemption under this section.
2
The condition is that the person has not received, and does not expect to receive, at any time after the beginning of a specified accounting period, any premium under a taxable insurance contract that is not an excepted premium.
3
In subsection (2) “specified” means specified in the application.
4
The application must contain such information as the Commissioners may direct.
5
The Commissioners must grant the application unless it appears to them that the condition in subsection (2) is not met.
6
Where an exemption has effect the applicant—
a
is exempt from any requirement imposed under section 54 to make returns in relation to the accounting period specified in the application or subsequent accounting periods, and
b
must ensure that any records that the applicant is required to keep by virtue of paragraph 1(1) of Schedule 7 are, so far as they relate to premiums received, kept in a form enabling records relating to excepted premiums to be readily distinguished from records relating to other premiums.