Policy paper

Insurance Premium Tax: exemption for spacecraft

This Tax Information and Impact Note explains that policies covering risks arising directly from the operation of a spacecraft will be exempt from Insurance Premium Tax.

Document

Insurance Premium Tax: exemption for spacecraft

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Details

The measure will exempt insurance premiums paid under policies covering risks arising directly from the operation of a spacecraft during its launch, whilst in flight, in orbit or on re-entry. That includes physical damage to a spacecraft, its equipment or cargo; third party liability; and carrier’s liability, but no other risks including to third parties.

Published 8 September 2014