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HMRC internal manual

Insurance Policyholder Taxation Manual

Fundamental concepts: what are immediate needs annuities?

Immediate Needs Annuities are a form of purchased life annuity, see IPTM1135. They are sometimes also referred to as ‘long termcare insurance’. Such annuities are usually purchased by a lump sum premium to meetan immediate need for long term care, often, though not necessarily, in a care home.Benefits normally continue until death. More details are available at IPTM6200 onwards.

Further reference and feedback IPTM1013