V18.102 Location of risk

V18.102 Location of risk

Contracts covering a risk outside the UK are exempt. The UK is defined for these purposes as Great Britain, Northern Ireland and waters within 12 nautical miles of the coastline. It excludes the Isle of Man and the Channel Islands which are not in the UK (and contracts for risks in these islands are exempt from UK IPT). The rules for determining whether a risk is located in the UK broadly follow those set out in the EC Second Non-Life Insurance Directive1 which is reflected in UK insurance regulations2. These rules are reproduced in FA 1994,

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