(1)Any question—
(a)whether an annuity is a purchased life annuity for the purposes of section 717, or
(b)how much of an annuity payment is exempt,
is to be determined by [F1an officer of Revenue and Customs] .
(2)A person aggrieved by [F2the officer’s determination] determination may appeal to the Special Commissioners.
(3)If a person making a payment under an annuity—
(a)has been given notice of such a determination in the way prescribed under section 724, and
(b)has not been notified of any alteration of it,
the determination is conclusive for determining the amount of income tax the person may or must deduct from it or for which the person is liable in respect of it.
(4)A notification of an alteration of a previous determination of any question is itself a determination for the purposes of this Chapter.
(5)Subsection (6) applies if a person making an annuity payment to which the exemption in section 717(1) applies has not been given notice in the way prescribed under section 724 of the amount which is exempt.
(6)The amount of income tax the person may or must deduct, or for which the person is liable, is the amount it would be if none of the payment were exempt.
(7)A person who knowingly makes any false statement or false representation for the purpose of obtaining any exemption from or repayment of tax for any person under sections 717 to 722, this section or section 724 is liable to a penalty not exceeding £3,000.
Textual Amendments
F1Words in s. 723(1)(b) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), ss. 50, 53(1), Sch. 4 para. 132(1); S.I. 2005/1126, art. 2(2)(h)
F2Words in s. 723(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), ss. 50, 53(1), Sch. 4 para. 133(5); S.I. 2005/1126, art. 2(2)(h)