Part 4Savings and investment income
Chapter 7Purchased life annuity payments
423Meaning of “purchased life annuity”
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.