E1.430B Purchased Life Annuities—The Exempt Sum

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Commentary

Personal and employment tax

Where the term of the annuity depends solely on duration of human life

The exempt sum is:

where:

��
�� PP is the purchase price of the annuity (see E1.430C)
��
�� TY is the expected term of the annuity, in

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I4.265 Lifetime transfers reported late

I4.142A Liabilities which are not discharged out of the estate

B3.340A Hire purchase of plant and machinery and similar contracts

I3.367 Fall in value relief—changes in interests in land

B2.306 General tests for distinguishing between capital and revenue expenditure

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E1.430B Purchased life annuities—the exempt sum

Personal and employment tax

Where the term of the annuity depends solely on duration of human life

I4.265 Lifetime transfers reported late

I4.142A Liabilities which are not discharged out of the estate

B3.340A Hire purchase of plant and machinery and similar contracts

I3.367 Fall in value relief—changes in interests in land

B2.306 General tests for distinguishing between capital and revenue expenditure

E1.1502 Tax treatment of transfers with accrued interest

I5.226 Disposals of QIIPs for consideration

E8.811 National Insurance number—refusal of application

D2.250 Group relief—limited rights, variable rights and options attaching to ordinary shares

C2.902 Wasting assets—wasting of allowable expenditure

I8.335 Valuation on death of partner in service

D1.404B Large company definition for R&D tax relief

B3.306 Meaning of plant and machinery

E7.234 Other types of lifetime benefit lump sum

D6.711 Liquidation—capital gains implications

C2.1173 Interaction of the exemption election regime with other capital gains exemptions

C2.1016 Option to subscribe for shares in a company (share warrants)

D6.330 Special situations involving a transfer of trade with common ownership—business of leasing plant or machinery

D6.233 Rights issue—sale of rights nil paid

D4.412 CFCs—excluded territories exemption

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E1.430B Purchased life annuities—the exempt sum

Personal and employment tax

Where the term of the annuity depends solely on duration of human life

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