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Finance Act, 1999

Purchased life annuities.

20.—(1) Section 788(2) of the Principal Act is hereby amended—

(a) in paragraph (d), by the deletion of “or” after “section 787,”,

(b) in paragraph (e), by the substitution of “capital), or” for “capital).”, and

(c) by the insertion after paragraph (e) of the following paragraph:

“(f) any annuity where the whole or part of the consideration for the grant of the annuity consisted of assets which, at the time of application of the said assets for the purchase of the annuity, were assets in an approved retirement fund, within the meaning of section 784A, or in an approved minimum retirement fund, within the meaning of section 784C.”.