Finance Act 2026
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Change 1
81 Insurance premium tax relief limited to adapted vehicles
(1) In Schedule 7A to FA 1994 (insurance premium tax: contracts that are not taxable), for paragraph 3 (and the italic heading before it) substitute— Contracts relating to motor vehicles let on relevant benefit terms 3 (1) A contract falls within this paragraph if it relates only to a motor vehicle and— (a) the vehicle is let on hire on relevant benefit terms to a person, and (b) the supply of the vehicle to that person is zero-rated for the purposes of the Value Added Tax Act 1994 as a result of it being a supply falling within— (i) paragraph (f) in item 2 in Group 12 in Schedule 8 to that Act, or (ii) item 2A in that Group. (2) “Relevant benefit terms” is to be construed in accordance with paragraph (2) of item 15 in Group 12 in Schedule 8 to the Value Added Tax Act 1994 (zero-rating). (2) The amendment made by this section has effect in relation to contracts relating to leases of motor vehicles where the lease commences on or after— (a) 1 July 2026, or (b) such later date as may be appointed in regulations made (before 1 July 2026) by statutory instrument by the Treasury.
81 Insurance premium tax relief limited to adapted vehicles
(1) In Schedule 7A to FA 1994 (insurance premium tax: contracts that are not taxable), for paragraph 3 (and the italic heading before it) substitute— Contracts relating to motor vehicles let on relevant benefit terms 3 (1) A contract falls within this paragraph if it relates only to a motor vehicle and— (a) the vehicle is let on hire on relevant benefit terms to a person, and (b) the supply of the vehicle to that person is zero-rated for the purposes of the Value Added Tax Act 1994 as a result of it being a supply falling within— (i) paragraph (f) in item 2 in Group 12 in Schedule 8 to that Act, or (ii) item 2A in that Group. (2) “Relevant benefit terms” is to be construed in accordance with paragraph (2) of item 15 in Group 12 in Schedule 8 to the Value Added Tax Act 1994 (zero-rating). (2) The amendment made by this section has effect in relation to contracts relating to leases of motor vehicles where the lease commences on or after— (a) 1 July 2026, or (b) such later date as may be appointed in regulations made (before 1 July 2026) by statutory instrument by the Treasury.
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