- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2005)
- Gwreiddiol (Fel y'i Deddfwyd)
Income Tax (Trading and Other Income) Act 2005
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Point in time view as at 06/04/2005.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 720.
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720Exempt proportion: term dependent solely on duration of lifeU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)In the case of an annuity within section 719(7) (term dependent solely on duration of life), the exempt proportion is —
where—
AP is the annuity payment,
PP is the purchase price of the annuity, and
AV is the actuarial value of the annuity payments.
(2)The purchase price of the annuity is the total amount or value of the consideration given for the annuity.
(3)The actuarial value of the annuity payments is their value at the date when the first of the payments starts to accrue.
(4)That value is determined—
(a)by reference to tables of mortality prescribed under section 724,
(b)taking the age at that date of a person during whose life the annuity is payable as that person's age in whole years on that date, and
(c)without discounting any payment for the time to elapse before it is payable.
(5)But if it is not possible to determine that actuarial value by reference to the tables mentioned in subsection (4)(a), it is such amount as may be certified by the Government Actuary or the Deputy Government Actuary.
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