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    Income tax - Trading income - Sole traders - II. Losses - Cessation of trade - Losses available for relief - Annual payments - 21485

    The profits for earlier years against which terminal losses can be set must be reduced to take account of any annual payments (such as annuities) made in the 3 years prior to cessation which...

    Income tax - Savings and investments - Taxable income from savings and investments - Annuities and annual payments - 24285

    Most annuities, and certain other annual payments, constitute taxable income in the hands of the recipient. - An annuity can be defined as an exchange of a capital amount for income. -Lady Foley...

    Income tax - Employment income - Earnings - Lump sum payments - Cessation payments - e. Termination payments - Payments to/from a registered pension scheme - 26660

    Where a lump sum is paid under the provisions of a registered occupational pension scheme, it will be exempt from tax and NIC if the payment: - is compensation for either loss of employment or...

    Income tax - State benefits and pensions - Pension income and state benefits - Income from pensions - 30010

    Pension income is defined as a periodical payment made by a pension provider. The terms and conditions of the pension payment are normally set out in a formal document, although it is possible...

    Income tax - Miscellaneous income and anti-avoidance provisions - Life policy gains - 32725

    A life assurance policy may be used as a medium or long-term investment, to accumulate income free from tax. During the term of the policy, the taxpayer will not receive income, but depending...

    Income tax - Overseas issues - UK taxation of foreign income - Basis of UK taxation - Arising basis - 34325

    A deduction is available for: - expenses incurred outside the UK and which are related to the collection or payment of the income; and - annuities and annual payments (excluding interest) which...

    Income tax - Computation - 36000

    In order to calculate the amount of income tax payable by an individual, a computation is required showing all income assessable in the tax year, all deductions and allowances, and giving the...

    Income tax - Computation - Tax liability - Tax reductions - Situations involving the over 75s - b. Interest on loan to acquire a life annuity - 36775

    A person aged over 75 may claim relief at 23% for interest on the first £30,000 of certain secured loans taken out before 9 March 1999. To be eligible for relief, at least 90% of the loan must...

    Capital gains tax - General principles - When will there be a chargeable gain? - Chargeable assets - Excluded items - Excluded assets - 45305

    Subject to satisfying certain conditions, the assets described in the following table do not give rise to a chargeable gain. Asset Conditions Reference Cars Only normal passenger vehicles (including classic...

    Capital gains tax - Specific types of asset - Partnership assets - Miscellaneous rules - Annuities - 49805

    Sometimes an annuity (or other annual payment) is made to a retiring partner, which is in excess of an amount regarded as reasonable recognition of the partner's past service to the partnership....