Paragraph 5 F1
This paragraph applies where (apart from this paragraph) a premium would fall within paragraph 2 or 3 but the insurance is provided to the insured at less than its full cost.
For the purposes of this paragraph the cases where the insurance is provided to the insured at less than its full cost are those cases where the amount charged in respect of the taxable insurance contract by any person falling within sub-paragraph (2) of paragraph 2 or 3 to any person who is or becomes the insured under the contract is less than the premium.
Only so much of the premium as does not exceed the amount charged falls within paragraph 2 or 3.
Annotations
Textual amendments
- F1
Sch. 6A para. 5 inserted (1.4.2011) (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Premium Tax (Discounted Insurance Premiums: Higher Rate) Order 2011 (S.I. 2011/661), arts. 1(1), 4
Notes on Schedule 6A
Textual amendments
- F1
Sch. 6A inserted (19.3.1997 with effect as mentioned in s. 24 of the amending Act) by 1997 c. 16, s. 22(3), Sch. 4
Notes on Part II
Textual amendments
- F1
Sch. 6A inserted (19.3.1997 with effect as mentioned in s. 24 of the amending Act) by 1997 c. 16, s. 22(3), Sch. 4