Part 3Income tax, corporation tax and capital gains tax
Chapter 11Miscellaneous
Health
147Immediate needs annuities
(1)
The Taxes Act 1988 is amended as follows.
(2)
In section 431 (interpretative provisions relating to insurance companies) in subsection (2)
(interpretation for purposes of Chapter 1 of Part 12) in the definition of “annuity business”, at the end insert “
, other than the business of granting immediate needs annuities (within the meaning of section 580C)
”
.
F1(3)
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(4)
The amendment made by subsection (2) has effect in relation to accounting periods beginning on or after 1st January 2005.
F2(5)
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F2(6)
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