Dealing with HMRC – 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

Detail

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.