83 General annuity business
Finance Act 2012 (2012 c 14) | Legislation

83  General annuity business

(1)     This section applies if an insurance company pays qualifying BLAGAB annuities in an accounting period.

(2)     An amount equal to the difference between—

(a)     the total amount of those annuities paid by the company in the accounting period, and

(b)     the total of the amounts exempt under section 717 of ITTOIA 2005 (exemption for part of purchased life annuity payments) contained in those annuities so paid,

is treated for the purposes of section 76 as a deemed BLAGAB management expense for the accounting period.

(3)     An annuity is a “qualifying BLAGAB annuity” if—

(a)     it is referable

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