Related Commentary  Related HMRC Manuals

725(1)  No liability to income tax arises under Chapter 7 of Part 4 in respect of so much of an annual payment made under an immediate needs annuity as is made–

(a)for the benefit of the person protected under that annuity, and

(b)to a care provider or a local authority in respect of the provision of care for that person.

725(2)  In this section “immediate needs annuity”  means a contract for a purchased life annuity–

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