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Income Tax (Trading and Other Income) Act 2005
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722Consideration for the grant of annuities
This section has no associated Explanatory Notes
(1)This section applies if the amount or value given for an annuity is to be determined for the purposes of sections 720(2) or 721(2) and either—
(a)consideration is not given solely for the annuity, or
(b)it appears that the amount or value of the consideration nominally given for it affected, or was affected by, the consideration given for something else.
(2)For the purposes of subsection (1), consideration given for a right to a return of premiums or of other consideration for an annuity is treated as given solely for the annuity.
(3)If subsection (1)(a) applies, the consideration is to be apportioned in such way as is just and reasonable.
(4)If subsection (1)(b) applies, the total amount or value of the considerations given is to be apportioned in such way as is just and reasonable.
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