Explanatory note
(This note is not part of the Order)
Insurance Premium Tax (‘IPT’) is charged on premiums receivable under taxable insurance contracts. Specified contracts of insurance are exempted from IPT. Article 2 of this order provides for contracts that insure certain risks in respect of spacecraft to be exempt from IPT.
A Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm .