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UK’s Chancellor of Exchequer to remove Insurance Premium Tax from Space risks

26 Mar 2014, 18:10 UTC
UK’s Chancellor of Exchequer to remove Insurance Premium Tax from Space risks
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He may not have mentioned it in his Budget speech which was more about giving pensioners the right to blow their hard saved cash rather than have pension companies grab it, but the budget that the UK Chancellor of the Exchequer, the Rt Hon George (nee Gideon) Osborne MP, presented in March, had a few hidden items inside the Budget small print: some nasty but some nice.Â
One of the nasty ones gave the taxman the right to raid anyone’s bank account for any unpaid tax allegedly owed to Her Majesty’s Revenue and Customs, even before a relevant court ruling/adjudication has been made. Legal and financial experts have criticised this measure as being unbalanced and unfair.  One of the nicer hidden gems however, was for the space and insurance industries.  The Budget has indicated that secondary legislation will remove Insurance Premium Tax from having to be paid from most satellite and launch risks in the Space Insurance class.
Space Underwriters based in and around Lloyds of London are set to benefit from an Insurance Premium Tax exemption. walklondon.com
The Chancellor of the Exchequer, who has seen his stock rise with the improvement in the UK’s economic prospects, ...

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