Commentary

D7.466 General annuity business—Payments under old annuity contracts

Corporate tax
Corporate tax | Commentary

D7.466 General annuity business—Payments under old annuity contracts

Corporate tax | Commentary

D7.466 General annuity business—Payments under old annuity contracts

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

For accounting periods beginning before 1 January 1992, general annuity business was a separate category from basic life assurance business and was taxed under Schedule D Case VI on a gross fund basis. Contracts for such business are referred to as old annuities1. So that annuitants entering into such contracts were not disadvantaged, transitional rules were introduced to determine the amount of the annuities paid under

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