72 Interpretation: premium
Finance Act 1994 (1994 c 9) | Legislation

72  Interpretation: premium

(1)     In relation to a taxable insurance contract, a premium is any payment received under the contract by the insurer, and in particular includes any payment wholly or partly referable to—

(a)     any risk,

(b)     costs of administration,

(c)     commission,

(d)     any facility for paying in instalments or making deferred payment (whether or not payment for the facility is called interest), or

(e)     tax.

[(1A)     Where an amount is charged to the insured by any person in connection with a taxable insurance contract, any payment in respect of that amount is to be regarded as a payment received under that contract by the insurer unless—

(a)     the payment is chargeable to tax at the higher rate by virtue of section 52A above; or

(b)     the amount is charged under a separate contract and is identified in writing to the insured as a separate amount so charged.]

[(1AA)     A contract (“the relevant contract”) is not to be regarded as a separate contract for the purposes of subsection (1A) above if conditions A to D are met.

(1AB)     Condition A is that the insured is an individual (“I”) and enters into the taxable insurance contract in a personal capacity.

(1AC)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Negligent misstatement—defences and remedies

Negligent misstatement—defences and remediesThere are a number of ways in which liability for negligent misstatement may be avoided and/or limited. For details on founding a claim of negligent misstatement, see Practice Note: Negligent misstatement—founding a claim.For guidance generally on clauses

LEXISNEXIS

Traditional procurement of construction contracts

Traditional procurement of construction contractsThis Practice Note provides a basic explanation of traditional procurement in construction. It looks at why this type of procurement is used and also considers particular issues to take into account when choosing to follow this procurement route.When

LEXISNEXIS

Negligence—key elements to establish a negligence claim

Negligence—key elements to establish a negligence claimNegligence—what are the key ingredients to establish a claim in negligence?For liability in negligence to be founded, four key ingredients must be present:•duty of care•breach of that duty•damage (which is caused by the breach)•foreseeability of

LEXISNEXIS

Defects liability period and rectification of defects

Defects liability period and rectification of defectsIt is common in construction projects for defects to manifest or appear in the works. Most construction contracts require the contractor to return to site to rectify (also known as ‘make good’) defects which arise or are discovered during a