Part 2 Income Tax on Beneficiaries' Annuities etc
Finance Act 2015 (2015 c 11) | Legislation

Part 2 Income Tax on Beneficiaries' Annuities etc

Exemption in certain cases for annuities for dependants, nominees and successors

17

(1)     In Chapter 17 of Part 9 of ITEPA 2003 (tax on pension income: exemptions) after section 646A insert—

“646B Registered schemes: beneficiaries' annuities from unused funds

(1)     The charge to tax under this Part does not apply to a dependants' annuity, or nominees' annuity, payable to a person if—

(a)     it is paid in respect of a deceased member of a registered pension scheme who had not reached the age of 75 at the date of the member's death,

(b)     the member died on or after 3 December 2014,

(c)     either—

(i)     the annuity was purchased using unused drawdown funds or unused uncrystallised funds, or

(ii)     the annuity was purchased using sums or assets transferred to an insurance company by another insurance company in consequence of an annuity that was payable to the person by that other company, and was a dependants' annuity or nominees' annuity (as the case may be) purchased as mentioned in sub-paragraph (i) or this sub-paragraph, ceasing to be payable,

(d)     in a case where the annuity is purchased as mentioned in paragraph (c)(i)

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