Exceptions: certain life annuities
Annuities specified in ITTOIA05/S718 are not within the chargeable event regime. The main cases are annuities purchased
- to fulfil the terms of a will or settlement
- to recognise a person’s service in an office or employment
- to satisfy the terms of a superannuation scheme or employer’s pension scheme
- to satisfy the terms of a personal pension scheme or retirement annuity contract or by contributions to a retirement annuity trust scheme.
Further reference and feedback IPTM1013