– in the House of Commons at 6:23 pm on 22 March 2016.
Question put,
That—
(1) In section 51(2)(b) of the Finance Act 1994 (standard rate of insurance premium tax), for “9.5 per cent” substitute “10 per cent”.
(2) The amendment made by paragraph (1) has effect in relation to a premium falling to be regarded for the purposes of Part 3 of the Finance Act 1994 as received under a taxable insurance contract by an insurer on or after
(3) The amendment made by paragraph (1) does not have effect in relation to a premium which —
(a) is in respect of a contract made before
(b) falls to be regarded for the purposes of Part 3 of the Finance Act 1994 as received under the contract by the insurer before
(4) Paragraph (3) does not apply in relation to a premium which —
(a) is an additional premium under a contract,
(b) falls to be regarded for the purposes of Part 3 of the Finance Act 1994 as received under the contract by the insurer on or after
(c) is in respect of a risk which was not covered by the contract before that date.
(5) In the application of sections 67A to 67C of the Finance Act 1994 (announced increase in rate) in relation to the increase made by this Resolution—
(a) the announcement for the purposes of sections 67A(1) and 67B(1) is to be taken to have been made on
(b) the date of the change is
(c) the concessionary date is
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
The House divided:
Ayes 307, Noes 62.