Section 51 Rate of tax.F1

United Kingdom

(1)

Tax shall be charged—

(a)

at the higher rate, in the case of a premium which is liable to tax at that rate; and

(b)

at the standard rate, in any other case.

(2)

For the purposes of this Part—

(a)

the higher rate is F220 per cent .; and

(b)

the standard rate is F312 per cent .

Annotations

F1: S. 51 substituted (19.3.1997 with effect as mentioned in s. 24 of the amending Act) by 1997 c. 16, s. 21(1)
F2: Words in s. 51(2)(a) substituted (27.7.2010 with effect as mentioned in s. 4(2) of the amending Act) by Finance (No. 2) Act 2010 (c. 31), s. 4(1)(a)
F3: Words in s. 51(2)(b) substituted (with effect in accordance with s. 17(2)-(5) of the amending Act) by Finance Act 2017 (c. 10), s. 17(1)