The references to ‘insurer’ in this section are to
the ‘relevant person’ as described in
IPTM4350.
All insurers, whether UK or overseas, must keep records that
enable HMRC to ascertain the terms of the annuity so that HMRC can
establish whether the annuity is a purchased life annuity within
ITTOIA05/S717(4) and ITTOIA05/S423.
All insurers must also keep records under The
Income Tax (Purchased Life Annuities)Regulations 2008 SI2008/562 as amended by
SI2008/1481.
HMRC may require insurers to supply information to them so
they can determine whether an annuity has been correctly
categorised as a purchased life annuity, if any exempt element has
been correctly calculated and to ensure that all of the legal
requirements have been complied with.
Insurers must keep relevant records for each annuity for a
period of three years beginning with the date on which the contract
for the annuity was terminated.
Where an insurer transfers their obligation under an annuity
to another insurer, then they must transfer all of the records that
they were required to keep, within three months of the date of the
transfer, to the insurer who has taken over the annuity.
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