The Income Tax (Purchased Life Annuities) (Amendment) Regulations 2012

• Citation: S.I. 2012/2902
• Sections: 2

Section 1 Citation and commencement

(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.

Section 2 Amendment of the Income Tax (Purchased Life Annuities) Regulations 2008

(1) Regulation 7 of the Income Tax (Purchased Life Annuities) Regulations 2008 (what must be done on receipt of the completed form) is amended as follows.

(2) In paragraph (2)—

(a) for “tables” substitute “table”, and

(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) the contract for which is made before 21st December 2012, and

(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.