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HMRC internal manual

Securities Guidance

Introduction and the law: the law on security: Insurance Premium Tax: meaning of 'taxable insurance contracts'

Under section 70(1) of the Finance Act 1994, and subject to section 70(1A) of the Act, a taxable insurance contract is any contract of insurance. Section 70(1A) of the Act provides that a contract is not a taxable insurance contract if it falls within one or more of the paragraphs of Part 1 of Schedule 7A to the Act.