Satellite Bulletin: Insurance premium tax exemption for spacecraft - In force 1 December 2014

By Joanne Wheeler


As one of Britain's "Eight Great" technologies, the space industry has the "potential to propel UK growth", as David Willetts, previous UK Minister for Universities and Science said.

The UK Government is committed to the exciting opportunities open to the space sector and the goal of raising the UK share of the projected £400 billion global space-enabled market to 10% by 2030. As part of this objective, the Government seeks to make the UK the best place to grow existing and new space businesses and attract inward investment by providing a regulatory environment that promotes enterprise and investment in the UK.

Such a regulatory framework must also ensure that UK companies remain internationally competitive.

In this bulletin:

  • Insurance premium tax (IPT) - exemption for contracts relating to spacecraft
  • Positive news for UK-based satellite operators

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