Section 717 | Exemption for part of purchased life annuity payments

(1)No liability to income tax arises under Chapter 7 of Part 4 in respect of so much of an annuity payment made under a purchased life annuity as is within this subsection in accordance with section 719 (extent of exemption).

(2)Subsection (1) is subject to section 718.

(3)Repealed

(4)In this Chapter “purchased life annuity” has the same meaning as in Chapter 7 of Part 4 (see section 423).