The Income Tax (Purchased Life Annuities) (Amendment) Regulations 2012
| Jurisdiction | UK Non-devolved |
| Citation | SI 2012/2902 |
| Year | 2012 |
2012 No. 2902
Income Tax
The Income Tax (Purchased Life Annuities) (Amendment) Regulations 2012
Made 19th November 2012
Laid before the House of Commons 21th November 2012
Coming into force 21th December 2012
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 724(1)(c) of the Income Tax (Trading and Other Income) Act 20051.
Citation and commencement
1.—(1) These Regulations may be cited as the Income Tax (Purchased Life Annuities) (Amendment) Regulations 2012.
(2) These Regulations come into force on 21st December 2012.
Amendment of the Income Tax (Purchased Life Annuities) Regulations 2008
2.—(1) Regulation 7 of the Income Tax (Purchased Life Annuities) Regulations 20082(what must be done on receipt of the completed form) is amended as follows.
(2) In paragraph (2)—
(a)
(a) for “tables” substitute “table”, and
(b)
(b) for “are prescribed” substitute “is prescribed”.
(3) For paragraph (3) substitute—
“3 The mortality table prescribed for the purposes of sections 720(4) and 721(4) of the 2005 Act is the table which specifies mortality rates according to “lives” and which is comprised in Table A11 set out in Appendix A on pages 181 to 183 of the booklet entitled “Continuous Mortality Investigation Reports Number 17”, published by the Institute of Actuaries and the Faculty of Actuaries in 1999.”
(4) The amendments made by this regulation have effect in relation to any annuity the contract for which is made on or after 21st December 2012.
(5) In the case of any annuity—
(a)
(a) the contract for which is made before 21st December 2012, and
(b)
(b) under which the first annuity payment becomes due and payable on or after that date,
the relevant person is entitled to comply with regulation 7 of the Income Tax (Purchased Life Annuities) Regulations 2008 as if the amendments made by this regulation had effect in relation to the annuity.
Ruth Owen
Jim Harra
Two of the Commissioners of Her Majesty’s Revenue and Customs
19th November 2012
EXPLANATORY NOTE
(This note is not part of the Order)
These Regulations amend the Income Tax (Purchased Life Annuities) Regulations 2008 ( S.I. 2008/562).
The 2008 Regulations provide the procedure for obtaining the exemption for purchased life annuities under sections 717...
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