[554V Exclusions: purchases of annuities out of pension scheme rights]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554V  Exclusions: purchases of annuities out of pension scheme rights]

[(1)     This section applies if—

(a)     an annuity contract is purchased from an insurance company wholly out of rights which A has under a pension scheme, and

(b)     A's rights out of which the annuity contract is purchased are, wholly or partly, pre-6 April 2011 annuity rights.

(2)     If the purchaser—

(a)     takes a relevant step for the sole purpose of purchasing the annuity contract or transferring the beneficiary's rights under the annuity contract to A or a person linked with A, or

(b)     on the purchase of the annuity contract, otherwise takes a relevant step within section 554B the subject of which is the beneficiary's rights under the annuity contract,

Chapter 2 does

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