Income payments from all friendly society pension annuities will no longer be treated as a chargeabl...
Income payments from all friendly society pension annuities will no longer be treated as a chargeable gain for CGT purposes. Chargeable event rules, which dictate capital gains tax liability, do not generally apply to pension contracts. But existing legislation is inconsistent, according to the Revenue, and applies to some annuities offered by friendly societies that would not be covered if sold by other life insurers. Effective from 9 April 2003, the amendment ensures chargeable event gain rules apply consistently to annuities whether sold by friendly societies or other insurers.
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