- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Income Tax (Trading and Other Income) Act 2005
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Changes over time for: Chapter 7
Alternative versions:
- 06/04/2005- Amendment
- 06/04/2007- Amendment
- 17/07/2012
Point in time
Status:
Point in time view as at 17/07/2012.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Chapter 7.
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Chapter 7U.K.Purchased life annuity payments
422Charge to tax on purchased life annuity paymentsU.K.
(1)Income tax is charged on annuity payments made under a purchased life annuity.
(2)For exemptions, see in particular—
(a)section 717 (exemption for part of purchased life annuity payments),
(b)section 725 (annual payments under immediate needs annuities),
(c)section 731 (periodical payments of personal injury damages), and
(d)section 732 (compensation awards).
423Meaning of “purchased life annuity”U.K.
(1)In this Chapter “purchased life annuity” means an annuity—
(a)granted for consideration in money or money's worth in the ordinary course of a business of granting annuities on human life, and
(b)payable for a term ending at a time ascertainable only by reference to the end of a human life.
(2)For this purpose it does not matter that the annuity may in some circumstances end before or after the life.
424Income chargedU.K.
(1)Tax is charged under this Chapter on the full amount of the annuity payments arising in the tax year.
(2)Subsection (1) is subject to Part 8 (foreign income: special rules).
425Person liableU.K.
The person liable for any tax charged under this Chapter is the person receiving or entitled to the annuity payments.
426Annuity payments received after deduction of taxU.K.
[F1In accordance with section 848 of ITA 2007 a sum representing income tax deducted under section 901 of that Act] from an annuity payment within this Chapter is treated as income tax paid by the recipient F2. . . .
Textual Amendments
F1Words in s. 426 substituted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 523(2) (with transitional provisions and savings in Sch. 2)
F2Words in s. 426 repealed (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, 1034, Sch. 1 para. 523(3), Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)
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