Commentary

E1.544 Excluded annuities

Personal and employment tax

E1.544 Excluded annuities

E1.544 Excluded annuities

The part exemption for annuity payments made under a purchased life annuity does not apply to the following annuities1:

  1.  

    •     an annuity the whole or part of the consideration for which consisted of sums satisfying the conditions for relief for life assurance premiums under ICTA 1988, s 266 (see Division E1.13)

  2.  

    •     an annuity purchased following a direction in a Will, and

  3.  

    •     an annuity purchased to provide for an annuity payable as a result of a Will or settlement out of income of property disposed of by the Will or

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