Part III Insurance Premium Tax
Supplementary
71 Taxable insurance contracts: power to change definition.
1
Provision may be made by order that—
a
a contract of insurance that would otherwise not be a taxable insurance contract shall be a taxable insurance contract if it falls within a particular description;
b
a contract of insurance that would otherwise be a taxable insurance contract shall not be a taxable insurance contract if it falls within a particular description.
2
A description referred to in subsection (1) above may be by reference to the nature of the insured or by reference to such other factors as the Treasury think fit.
3
Provision under this section may be made in such way as the Treasury think fit, and in particular may be made by amending this Part.
4
An order under this section may amend or modify the effect of section 69 above in such way as the Treasury think fit.