OpenLegislation

The Income Tax (Purchased Life Annuities) (Amendment) Regulations 1991

S.I. 1991/2808 · Made 11 December 1991

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Certified a true copy of the original order

INCOME TAX

Made 11th December 1991

Coming into force 1st March 1992

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by sections 656(2)(a) and (4)(c) and 658(3) of the Income and Corporation Taxes Act 1988f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Amendments to the Principal Regulations
  4. Signature
  5. Explanatory note

1Citation and commencement

These Regulations may be cited as the Income Tax (Purchased Life Annuities) (Amendment) Regulations 1991 and shall come into force on 1st March 1992.

2Interpretation

In these Regulations “the principal Regulations” means the Income Tax (Purchased Life Annuities) Regulations 1956f1.

3Amendments to the Principal Regulations

In regulation 6 of the principal Regulations–

(a)

so far as concerns any purchased life annuity in respect of which the first annuity payment begins to accrue on or after 1st March 1992, for the words “the select tables” to “The a(55) Tables for Annuitants” there shall be substituted–

  • “the tables comprised in Table A8 set out in Appendix A on pages 113 to 115 of the booklet entitled “Continuous Mortality Investigation Reports Number 10” published by the Institute of Actuaries and the Faculty of Actuaries in 1990”;

(b)

the words “, and in using these tables” to “or by his Deputy” shall be omitted.

Signature

T. J. Painter

L. J. H. Beighton

Two of the Commissioners of Inland Revenue

11th December 1991

Explanatory note

(This note is not part of the Regulations)

These Regulations, which come into force on 1st March 1992, are made under sections 656(2)(a) and (4)(c) and 658(3) of the Income and Corporation Taxes Act 1988 (“the Taxes Act”), and make further amendments to the Income Tax (Purchased Life Annuities) Regulations 1956 (S.I. 1956/1230) (“the principal Regulations”).

These Regulations make two amendments to regulation 6 of the principal Regulations. They prescribe, firstly, a new set of mortality tables for calculating the capital element in any purchased life annuity in respect of which the first annuity payment begins to accrue on or after 1st March 1992. Secondly, they repeal part of regulation 6 relating to the application of the mortality tables following the incorporation of similar provisions into section 656 of the Taxes Act by section 76 of the Finance Act 1991 (c. 31).