423Meaning of “purchased life annuity”U.K.
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(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.