Commentary

E1.429 Purchased life annuities—payments received under deduction of tax

Personal and employment tax

E1.429 Purchased life annuities—payments received under deduction of tax

E1.429 Purchased life annuities—payments received under deduction of tax

Where an annuity payment is received after deduction of tax1 (see A4.434), the recipient is charged to tax on the amount before deduction of tax2, and is treated as having paid the tax so deducted3.

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