Finance Act, 1970

Stamp duty on purchased life annuities.

48.—(1) An instrument being a grant or contract for payment of a purchased life annuity shall be chargeable with stamp duty under paragraph (3) of the heading “BOND, COVENANT or INSTRUMENT of any kind whatsoever” in the First Schedule to this Act and not otherwise, whether or not the annuity is a superannuation annuity as defined in that paragraph.

(2) In this section “purchased life annuity” means a life annuity granted for consideration in money or money's worth in the ordinary course of a business of granting annuities on human life.