194 Higher rate of tax: divided companies
Finance Act 2003 (2003 c 14) | Legislation

Insurance premium tax

194  Higher rate of tax: divided companies

(1)     In Schedule 6A to the Finance Act 1994 (c 9) (insurance premium tax: premiums liable to tax at higher rate), insert after paragraph 3—

“Insurance provided by divided company
3A

(1)     A premium under a taxable insurance contract relating to a motor car or motor cycle also falls within paragraph 2 above if—

(a)     the insurance to be provided under the contract is provided by a divided company, and

(b)     any division of that company would, if it were a separate company, be a person connected with a supplier of motor cars or motor cycles.

(2)     A premium under a taxable insurance contract relating to relevant goods also falls within paragraph 3 above if—

(a)     the insurance to be provided

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