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Purchased life annuities: regulations

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The Income Tax (Purchased Life Annuities) (Amendment) Regulations, SI 2012/2902, amend SI 2008/562 to allow the amount of each annuity payment which is exempt from tax to be calculated using the male mortality table. They are intended to ensure that the ITTOIA 2005 Part 6 provisions on purchased life annuities comply with the CJEU’s decision in Association Belges des Consommateurs Test-Achats ASBL v Council of Ministers C-236/09, which requires that insurance benefits and premiums be calculated in a gender neutral way, according to an explanatory note.