84 General annuity business: meaning of “steep-reduction annuity” etc
Finance Act 2012 (2012 c 14) | Legislation

84  General annuity business: meaning of “steep-reduction annuity” etc

(1)     For the purposes of section 83 an annuity is a “steep-reduction annuity” if—

(a)     the amount of any payment in respect of it (but not its term) depends on a contingency other than the duration of a human life or lives,

(b)     the annuitant is entitled to payments of different amounts at different times, and

(c)     the payments include a payment (“a reduced payment”) of an amount which is substantially smaller than the amount of at least one of the earlier payments.

(2)     If there are different intervals between the payments, it is to be assumed for the purposes of subsection (1)(b) and (c)—

(a)     that the annuitant's entitlement, after the first payment,

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