OpenLegislation

Paragraph 7A F1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A contract falls within this paragraph if it relates only to the operation of a spacecraft and is a contract of general insurance of a relevant class.

(2)

For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—

(a)

accidents,

(b)

goods in transit,

(c)

fire or natural forces,

(d)

damage to, or loss or malfunction of, property, or

(e)

general liability to third parties,

(and no other risks).

(3)

For the purposes of this paragraph—

(a)

the “operation of a spacecraft” means the launch, flight, orbit or re-entry of a spacecraft, and

(b)

“spacecraft” includes all component parts of its launch vehicle.

Annotations

Textual amendments

F1

Sch. 7A para. 7A and cross-heading inserted (1.12.2014) by The Insurance Premium Tax (Non-taxable Insurance Contracts) Order 2014 (S.I. 2014/2856), arts. 1, 2

Notes on Schedule 7A

Textual amendments

F1

Sch. 7A inserted (1.10.1994) by S.I. 1994/1698, art. 5

Notes on Part I

Textual amendments

F1

Sch. 7A inserted (1.10.1994) by S.I. 1994/1698, art. 5