No liability to income tax arises1 in respect of so much of an annual payment made under an immediate needs annuity as is made:
(1) for the benefit of the person protected under that annuity; or
(2) to a care provider2 or a local authority3 in respect of the provision of care4 for that person.
An 'immediate needs annuity' is a contract for a purchased life annuity
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