What must be done on receipt of the completed form
- Calculate and report the exempt capital element of a purchased life annuity
UK Statutory Instrument
2008
United Kingdom
The Income Tax (Purchased Life Annuities) Regulations 2008
At a glance
What's here
8 compliance obligations
Who this Act binds
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Nomination of a tax representative
- Appoint a UK tax representative if you sell annuities in the UK
Procedure for nomination
- Nominate a tax representative for UK annuity payments
Decision as to nomination
Other duties (1) — Crown / regulator
- HMRC must decide on tax representative nominations within 30 days Crown / Minister / Government department
Notification of changes
- Notify HMRC of changes to nomination information
Other arrangements
- Non-UK insurers must apply for HMRC alternative tax arrangements
Appointment by the Commissioners of a non-United Kingdom insurer's tax representative
- Non-UK insurers must nominate a UK tax representative or face one appointed by HMRC
Period for which records to be kept
- Keep records for 3 years after annuity contract ends
Browse 20 other sections — procedural / definitional / commencement
Citation, commencement and application
Interpretation
Application of this Part
Initial steps
Annuitant to provide information and make declaration
Form to be returned on completion
What the relevant person must do if no completed form is received
Application of this Part
Termination of appointment of a tax representative – other than death or bankruptcy, etc
Termination of appointment of a tax representative – death or bankruptcy, etc
Tax representative to remain in post until successor appointed
Release of non-United Kingdom insurer from requirement to nominate a tax representative
Appeals against decisions of the Commissioners
Obligation to keep proper records
Information to be provided to the Commissioners
Inspection of records
Transfer of records
Penalties
Transitional provision
Revocations
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