50(1)  Tax shall be charged by reference to the chargeable amount.

50(2)  For the purposes of this Part, the chargeable amount is such amount as, with the addition of the tax chargeable, is equal to the amount of the premium.

50(3)  Subsections (1) and (2) above shall have effect subject to sections 69 and 69A below.


In s. 50(3), the words “sections 69 and 69A” substituted for the words “section 69” by SI 2012/266, art. 2(2), with effect from 1 March 2012.

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