Part III Insurance Premium Tax
Miscellaneous
F169DWithdrawal of exemption
(1)
The Commissioners may by notice withdraw an exemption if it appears to them that—
(a)
the condition in section 69C(2) is no longer met, or
(b)
the person is not keeping, or has not kept, records as required by section 69C(6)(b).
(2)
Where an exemption is withdrawn under subsection (1), the exemption ceases to have effect in relation to the accounting period in which the notice is given and subsequent accounting periods.
(3)
If, during an accounting period in relation to which an exemption has effect, a person receives a premium under a taxable insurance contract that is not an excepted premium, the exemption ceases to have effect in relation to that and subsequent accounting periods.
(4)
References in this section to an exemption are to an exemption granted under section 69C.