- Latest available (Revised)
- Original (As made)
The Insurance Premium Tax Regulations 1994
You are here:
- UK Statutory Instruments
- 1994 No. 1774
- PART V
- Regulation 25
What Version
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Credit
25.—(1) Subject to paragraph (2) below, where tax has been paid—
(a)in respect of a premium to which regulation 24(1) applies and the initial amount exceeds the amount which is or would be found apart from the operation of the scheme to be the amount of the premium in accordance with the provisions of the Act; or
(b)in respect of a premium or part of a premium which has not been received,
then, if it is shown to the satisfaction of the Commissioners that that excess, premium or part, as the case may be, will never actually be received, the amount of that excess, premium or part shall be treated as an amount of premium which the insurer has repaid on the date upon which the Commissioners are so satisfied and he shall be entitled to credit for the amount concerned in accordance with Part IV of these Regulations.
(2) It shall be a condition of any claim being made by an insurer in reliance upon paragraph (1) above that, if the excess, premium or part (as the case may be) or any part thereof is in fact received by the insurer, he shall pay to the Commissioners an amount equal to the tax chargeable on the amount received; and any amount which the insurer is liable to pay under this paragraph shall be treated as tax due for the accounting period in which the amount of excess or premium was received.
Options/Help
Print Options
PrintThe Whole Instrument
PrintThe Whole Part
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.