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HMRC internal manual

Insurance Premium Tax

From
HM Revenue & Customs
Updated
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Liability of insurance contracts: Goods in foreign or international transit: Legal provisions

The Finance Act 1994, Schedule 7A, paragraph 12(1) exempts a contract:

… if it relates only to loss of or damage to goods in foreign or international transit and the insured enters into the contract in the course of a business carried on by him.