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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Annuity to spouse or civil partner: annuity to be purchased

If the personal representatives are required to purchase an annuity (IHTM16211) (for example from an insurance company, by the terms of the Will), the gift of the annuity should be treated as a gift of the purchase price of the annuity. You should ask the taxpayer or agents for details of the purchase price.