Commentary

D7.566 Expenses of management—Payments under old annuity contracts

Corporate tax
Corporate tax | Commentary

D7.566 Expenses of management—Payments under old annuity contracts

Corporate tax | Commentary

D7.566 Expenses of management—Payments under old annuity contracts

The rules in this division apply for accounting periods beginning before 1 January 2013. For accounting periods beginning on or after 1 January 2013 see Division D7.4.

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 the same gross fund basis as applies for example to pension business today. Contracts for such business are referred to as 'old annuities'1.

So that annuitants entering into such contracts were not disadvantaged, transitional rules were introduced

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