The Value Added Tax (Insurance) Order 2004
| Jurisdiction | UK Non-devolved |
| Citation | SI 2004/3083 |
| Year | 2004 |
2004 No. 3083
VALUE ADDED TAX
The Value Added Tax (Insurance) Order 2004
Made 24th November 2004
Laid before the House of Commons 24th November 2004
Coming into force 1st January 2005
The Treasury, in exercise of the powers conferred upon them by section 31(2) of the Value Added Tax Act 19941, hereby make the following Order:
1. This Order may be cited as the Value Added Tax (Insurance) Order 2004 and comes into force on 1st January 2005.
2. Group 2 (insurance)2of Schedule 9 to the Value Added Tax Act 1994 (exemptions) is varied in accordance with the following articles.
3. For items 1 to 3 substitute —
“1. Insurance transactions and reinsurance transactions.”.
4. In item 4(a) —
(a) after “a contract of insurance” insert “or reinsurance”, and
(b) for “any such provision of insurance or reinsurance as falls, or would fall, within item 1, 2 or 3” substitute “an insurance transaction or a reinsurance transaction”.
Omit Notes (A1) to (C1).
5. Omit Notes (A1) to (C1).
6. In Note (2)(a), for “any insurance or reinsurance the provision of which falls within item 1, 2 or 3” substitute “insurance or reinsurance”.
Jim Murphy
Derek Twigg
Two of the Lords Commissioners of Her Majesty’s Treasury
24th November 2004
(This note is not part of the Order)
This Order, which comes into force on 1st January 2005, amends Group 2 of Schedule 9 to the Value Added Tax Act 1994 (c. 23), which exempts insurance from VAT.
Article 3 substitutes a new item 1 in Group 2 which removes the condition that VAT exemption for insurance and reinsurance transactions depends on the status of the provider. It also deletes items 2 and 3 which are no longer required, as they exempted insurance provided by specific persons or entities which is now exempted by the new item 1.
Articles 4 and 6 make consequential amendments to the cross-references to former items 1, 2 and 3 in item 4(a) and Note 2(a).
Article 5 deletes Notes (A1), (B1) and C1) which defined terms in the former items 1, 2 and 3 which no longer appear in the Group. It also means that a contract of insurance (now amended to “contract of...
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