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CheckLists.Tax (beta)
N9. Annuity received
INCOME TAX: ANNUAL PAYMENTS
INCOME TAX: ANNUAL PAYMENTS
- Purchased life annuities: partial exemption for part that is return of capital
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Legislation:
Cases:
HMRC manuals:
IPTM4300 - Purchased life annuities: charge to tax and partial exemption scheme: general;
Commentary:
See also:
- Purchased life annuities: partial exemption for part that is return of capital
- Immediate needs annuities (potential exemption)
- Immediate needs annuity may be bought where a person falls ill and needs long term care.
- Does not qualify for exemption under ITTOIA s.735 because it does not insure against a future risk of sickness, unemployment etc.
- However, where:
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Legislation: ITTOIA s.725;
Cases:
HMRC manuals:
IPTM6200 - Immediate Needs Annuities: introduction;
Commentary:
See also:
- Immediate needs annuities (potential exemption)
Credit for tax deducted at source
Credit for tax deducted at source
- Recipient receives credit for basic rate tax deducted at source
- Recipient of a sum that has had tax deducted at source is entitled to credit for that tax (ITA 2007 s.848).
- This tax is reclaimable.
Legislation:
Cases:
HMRC manuals:
Commentary:
See also:
- Recipient receives credit for basic rate tax deducted at source
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