Valid from 06/04/2005
147U.K.Section 729 (exemption for payments for non-taxable consideration) applies in the case of an annuity granted before 30th March 1977—
(a)with the substitution in subsection (1) of “ condition B, C or D ” for “condition B or C”, and
(b)with the substitution of the following subsections for subsection (5)—
“(5)Condition D is that the payment is a payment under an annuity charged on an interest in settled property and granted by an individual to a company—
(a)whose business then consisted wholly or mainly in the acquisition of interests in settled property, or
(b)which was then carrying on life assurance business in the United Kingdom.
(6)In the application of subsections (4) and (5) to Scotland, the references in those subsections to settled property are to be read as references to property held in trust.”