Section 423 | Meaning of “purchased life annuity”

(1)In this Chapter “purchased life annuity” means an annuity—

(a)granted for consideration in money or money's worth in the ordinary course of a business of granting annuities on human life, and

(b)payable for a term ending at a time ascertainable only by reference to the end of a human life.

(2)For this purpose it does not matter that the annuity may in some circumstances end before or after the life.