IPTM7065 - Exceptions: certain life annuities: ITTOIA05/S718
Annuities specified in ITTOIA05/S718 are not within the chargeable event regime, they are taxed under ITTOIA05/s422 and the exemption in ITTOIA05/s717 does not apply.
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. See IPTM7060 for further information.