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Annuity contracts issued by friendly societies

The chargeable events rules apply to certain annuity contracts. The rules at the moment are inconsistent and apply to some annuities sold by friendly societies that would not be covered if sold by other insurers.

The Government proposes a new measure, which will take effect on 9 April 2003, which will ensure that the chargeable event gain rules apply consistently to annuities whether they are sold by friendly societies or other insurers. In particular, it will put it beyond doubt that the chargeable event gain rules do not apply to annuities sold by friendly societies which are purchased under or for the purposes of an approved pension scheme or contract.

The proposed revision will make the rules consistent and will put it beyond doubt that annuities sold by friendly societies which are purchased under or for the purposes of an approved pension scheme or contract do not give rise to chargeable event gains.

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