Skip to content
Solved

TCTM04610 | Further disregards in the calculation of investment income: Life annuities

From HM Revenue & Customs · Tax Credits Technical Manual

The Tax Credits (Definition and Calculation of Income) Regulations 2002, Reg. 10(2), Table 4, Items 10 and 12.

When calculating investment income, disregard the following:

  • Any payment of interest under a life annuity to the extent that it is eligible for relief under section 353 of the Taxes Act by virtue of section 365 of that Act (item10).

  • A purchased life annuity to which section Chapter 7 of Part 4 of ITTOIA applies (item12). (That is, the amount exempted under section 717 of ITTOIA as calculated under section 719 of ITTOIA).