Part 1Rates etc
Insurance premium tax
4Rates of insurance premium tax
1
In section 51(2) of FA 1994 (rates of insurance premium tax)—
a
in paragraph (a)
(higher rate), for “17.5 per cent” substitute “
20 per cent
”
, and
b
in paragraph (b)
(standard rate), for “5 per cent” substitute “
6 per cent
”
.
2
The amendments made by subsection (1) have effect in relation to a premium falling to be regarded for the purposes of Part 3 of FA 1994 as received under a taxable insurance contract by an insurer on or after 4 January 2011.
3
In the application of sections 67A and 67C of FA 1994 (announced increase in rate) in relation to the increases made by this section—
a
the announcement for the purposes of section 67A(1) is to be taken to have been made on 22 June 2010, and
b
the date of the change is 4 January 2011.
4
In FA 1999, omit section 125; and the repeal of that section comes into force in accordance with the provision made by this section for the coming into force of the amendments made by subsection (1).