Section 422 | Charge to tax on purchased life annuity payments

(1)Income tax is charged on annuity payments made under a purchased life annuity.

(2)For exemptions, see in particular—

(a)section 717 (exemption for part of purchased life annuity payments),

(b)section 725 (annual payments under immediate needs annuities),

(c)section 731 (periodical payments of personal injury damages), and

(d)section 732 (compensation awards).