IPT05600 - Calculating the value of the premium: premiums received other than in money
Section 72(2) of the Finance Act 1994 states that:
A premium may consist wholly or partly of anything other than money, 바카라 사이트¦
You will rarely encounter instances of premiums being received in anything other than money. If you do you should consult IPT08850, which explains how to deal with this.
Law covering treatment of premiums received other than in money
Section 72(3) of the Finance Act 1994 stipulates that where a premium is received other than in money its amount shall be treated as:
- an amount equal to the value of whatever is received in a form other than in money, or
- if money is also received, the aggregate of the amount found under paragraph a. above and the amount received in the form of money.
Law covering valuation of premiums received other than in money
Section 72(4) of the Finance Act 1994 states that where a premium is received wholly or partly in a form other than in money its value is to be taken as the:
바카라 사이트¦ open market value at the time of the receipt by the insurer.
Section 72(5) defines 바카라 사이트˜open market value바카라 사이트™ (OMV) as:
바카라 사이트¦ an amount equal to such consideration in money as would be payable on a sale of it at that time바카라 사이트¦