18 Insurance premium tax: anti-forestalling provision
Finance Act 2017 (2017 c 10) | Legislation

18  Insurance premium tax: anti-forestalling provision

(1)     FA 1994 is amended as follows.

(2)     After section 66 insert—

“66A Rate increases: deemed date of receipt of certain premiums

(1)     This section applies where a Minister of the Crown announces a proposed increase in the rate at which tax is to be charged on a premium if it is received by the insurer on or after a date specified in the announcement (“the change date”).

(2)     This section applies whether or not the announcement includes an announcement of a proposed exception from the increase (for example, for premiums in respect of risks for which the period of cover begins before the change date).

(3)     Subsection (4) applies where—

(a)     a premium under a contract of insurance is received by the insurer on or after the date of the announcement and before the change date, and

(b)     the period of cover for the risk begins on or after the change date.

(4)     For the purposes of this Part the premium is to be taken to be received on the change date.

(5)     Subsection (6) applies where—

(a)     a premium under a contract of insurance is received by the insurer on or

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