Insurance Premium Tax (Taxable Insurance Contracts) Order 1997
| Jurisdiction | UK Non-devolved |
| Citation | SI 1997/1627 |
| Year | 1997 |
1997 No. 1627
INSURANCE PREMIUM TAX
The Insurance Premium Tax (Taxable Insurance Contracts) Order 1997
Made 2nd July 1997
Laid before the House of Commons 2nd July 1997
Coming into force 1st October 1997
The Treasury, in exercise of the powers conferred on them by section 71(1) of the Finance Act 19941and of all other powers enabling them in that behalf, hereby make the following Order:
1. This Order may be cited as the Insurance Premium Tax (Taxable Insurance Contracts) Order 1997 and shall come into force on 1st October 1997 in relation to premiums received or treated as received on or after that date.
2. Paragraph 2 of Schedule 7A to the Finance Act 19942shall be amended as follows—
(a) in sub-paragraph (1) for the words “A contract falls” there shall be substituted “Subject to sub-paragraph (3) below, a contract falls”;
(b) after sub-paragraph (2) there shall be inserted—
“3 A contract which would otherwise fall within this paragraph does not do so if it is for medical insurance.
4 Subject to sub-paragraph (5) below, for the purposes of this paragraph a contract is a contract for medical insurance if it provides one or more of the following benefits,
whether or not their provision is subject to conditions or limitations—
(a)
(a) medical, dental or optical, consultation, diagnosis or treatment;
(b)
(b) alternative or complementary medical treatment or therapy;
(c)
(c) convalescent care;
(d)
(d) goods or services related to any of the above;
(e)
(e) payment or reimbursement of, or a grant towards, the whole or part of the cost of any of the above;
(f)
(f) payment of a specified sum for optical, dental or medical appointments;
(g)
(g) payment of a specified sum for each specified period of treatment as a hospital in-patient;
(h)
(h) payment of a specified sum for each specified period of convalescent care; or
(i)
(i) payment of a specified sum, except one to which sub-paragraph (6) below applies, when a person is diagnosed as requiring or has undergone a specified medical procedure.
5 A benefit which would apart from this sub-paragraph fall within sub-paragraph (4) above shall not do so if, before he can become entitled to the benefit, the insured is required—
(a) to be suffering from a disability which so impairs his ability to carry out normal activities of daily living...
To continue reading
Request your trial