# Income Tax (Trading and Other Income) Act 2005, Section 423: Meaning of “purchased life annuity”


(1) In this Chapter “purchased life annuity” means an annuity—
(a) granted for consideration in money or money's worth in the ordinary course of a business of granting annuities on human life, and
(b) payable for a term ending at a time ascertainable only by reference to the end of a human life.
(2) For this purpose it does not matter that the annuity may in some circumstances end before or after the life.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/423 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-423
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.