(1) The amount of duty chargeable on the premium paid in relation to a contract of insurance, other than a contract of business insurance, is 10% of the amount of the premium.
(2) The amount of duty chargeable on the premium paid in relation to a contract of business insurance is the percentage specified in subsection (4) of the amount of the premium.
(3) If a contract of insurance relates to both business insurance and insurance other than business insurance, the premium is to be apportioned and duty imposed—
(a) in accordance with subsection (1) on the portion of the premium that relates to insurance other than business insurance; and
(b) in accordance with subsection (2) on the portion of the premium that relates to business insurance.
(4) For the purpose of subsection (2), the percentage in relation to a contract of insurance that is effected or renewed within the date range specified in Column 1 of the following Table is the corresponding percentage specified in Column 2 of the following Table—
Table
S. 180 amended by No. 40/2014 s. 4(1)(d).