Income Tax (Trading and Other Income) Act 2005 (c. 5)

SCHEDULES

SCHEDULE 2 U.K. Transitionals and savings etc.

Part 6 U.K. Savings and investment income: insurance contracts and policies made before certain dates

Pre-1st January 2005 contracts for immediate needs annuities: income tax treated as paid U.K.

118 (1) A contract for a life annuity made before 1st January 2005 is not to be treated for the purposes of paragraph (c) of section 531(3) (policies and contracts excluded from section 530) as having not formed part of any insurance company's or friendly society's basic life assurance and general annuity business the income and gains of which are subject to corporation tax by reason only of the immediate needs annuities exclusion. U.K.

(2) In sub-paragraph (1) “the immediate needs annuities exclusion” [F1 means the application of section 57(2)(d) of FA 2012 ] .

Textual Amendments

F1 Words in Sch. 2 para. 118(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 131