Taxes Consolidation Act 1997 section 242

Annual payments for non-taxable consideration

Section 242 prevents tax avoidance through "reverse annuity" schemes by requiring certain annual payments made for a lump sum of capital to be paid gross and denying any tax deduction for them.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.