# Finance Act 1994, Section 51: Rate of tax.

Extent: E+W+S+N.I.

(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 20 per cent .; and
(b) the standard rate is 12 per cent .

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Source: https://www.legislation.gov.uk/ukpga/1994/9/section/51 (the official version)
Page: https://openlegislation.uk/finance-act-1994/section-51
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.