division_name: 56. Insurance Premium Tax (Standard Rate)
motion: <p class="italic" pid="a.1531.1/1" pwmotiontext="yes">Question put,</p>
  
  <p pid="a.1531.1/2" pwmotiontext="yes">That&#8212;</p>
  
  <p pid="a.1531.1/3" pwmotiontext="yes">(1) In section 51(2)(b) of the Finance Act 1994 (standard rate of insurance premium tax), for &#8220;9.5 per cent&#8221; substitute &#8220;10 per cent&#8221;.</p>
  
  <p pid="a.1531.1/4" pwmotiontext="yes">(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 <phrase class="date" code="2016-10-01" pwmotiontext="yes">1 October 2016</phrase>.</p>
  
  <p pid="a.1531.1/5" pwmotiontext="yes">(3) The amendment made by paragraph (1) does not have effect in relation to a premium which &#8212;</p>
  
  <p pid="a.1531.1/6" pwmotiontext="yes">(a) is in respect of a contract made before <phrase class="date" code="2016-10-01" pwmotiontext="yes">1 October 2016</phrase>, and</p>
  
  <p pid="a.1531.1/7" pwmotiontext="yes">(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 <phrase class="date" code="2017-02-01" pwmotiontext="yes">1 February 2017</phrase> by virtue of regulations under section 68 of that Act (special accounting schemes). (3) The amendment made by paragraph (1) does not have effect in relation to a premium which &#8212;</p>
  
  <p pid="a.1531.1/8" pwmotiontext="yes">(4) Paragraph (3) does not apply in relation to a premium which &#8212;</p>
  
  <p pid="a.1531.1/9" pwmotiontext="yes">(a) is an additional premium under a contract,</p>
  
  <p pid="a.1531.1/10" pwmotiontext="yes">(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 <phrase class="date" code="2016-10-01" pwmotiontext="yes">1 October 2016</phrase> by virtue of regulations under section 68 of that Act, and</p>
  
  <p pid="a.1531.1/11" pwmotiontext="yes">(c) is in respect of a risk which was not covered by the contract before that date.</p>
  
  <p pid="a.1531.1/12" pwmotiontext="yes">(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&#8212;</p>
  
  <p pid="a.1531.1/13" pwmotiontext="yes">(a) the announcement for the purposes of sections 67A(1) and 67B(1) is to be taken to have been made on <phrase class="date" code="2016-03-16" pwmotiontext="yes">16 March 2016</phrase>,</p>
  
  <p pid="a.1531.1/14" pwmotiontext="yes">(b) the date of the change is <phrase class="date" code="2016-10-01" pwmotiontext="yes">1 October 2016</phrase>, and</p>
  
  <p pid="a.1531.1/15" pwmotiontext="yes">(c) the concessionary date is <phrase class="date" code="2017-02-01" pwmotiontext="yes">1 February 2017</phrase>.</p>
  
  <p pid="a.1531.1/16" pwmotiontext="yes">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.</p>
  
  <p class="italic" pid="a.1531.1/17" pwmotiontext="yes">The House divided:</p>
  
  <p pid="a.1531.1/18" pwmotiontext="yes">Ayes 307, Noes 62.</p>