The Income Tax (Purchased Life Annuities) Regulations 2008

PART 1 Introduction

Citation, commencement and application

1.—(1) These Regulations may be cited as The Income Tax (Purchased Life Annuities) Regulations 2008 and come into force on 6th April 2008.

(2) These Regulations apply to an annuity under which the first payment to the annuitant is made on or after 6th April 2008, subject to the transitional provision in regulation 27.

Interpretation

2.  In these Regulations—

“the 1956 Regulations” means the Income Tax (Purchased Life Annuities) Regulations 1956(1);

“the 2005 Act” means the Income Tax (Trading and Other Income) Act 2005;

“annuitant” means the person beneficially entitled for the time being to the payments on account of an annuity;

“annuity” means a purchased life annuity within the meaning of section 423 of the 2005 Act;

“the Commissioners” means the Commissioners for Her Majesty’s Revenue and Customs;

“insurer” means a United Kingdom insurer or a non-United Kingdom insurer, as the case may be;

“non-United Kingdom insurer” means any person carrying on life annuity business and who—

(a)

is resident outside the United Kingdom; and

(b)

does not carry on such business through a permanent establishment in the United Kingdom;

“relevant EEA State” means an EEA State, other than the United Kingdom;

“relevant person” means—

(a)

a United Kingdom insurer; or

(b)

a tax representative appointed in accordance with Part 3; or

(c)

a person appointed in accordance with arrangements made under regulation 18;

“relevant records” means the records referred to in regulation 21(1);

“tax representative” means the person appointed in accordance with Part 3 to act as such for a non-United Kingdom insurer;

“the partial tax exemption” means the exemption provided by Chapter 7 of Part 6 of the 2005 Act; and

“United Kingdom insurer” means—

(a)

any person resident in the United Kingdom carrying on life annuity business; or

(b)

any person not so resident who carries on life annuity business through a permanent establishment in the United Kingdom.

(1)

S.I. 1956/1230, as amended by S.I. 1960/2308; S.I. 1990/626; and S.I. 1991/2808.