IHTM28051 - Liabilities: investigating liabilities: payment of annuity is the personal responsibility of the deceased or transferor
In this case the annuity is simply a debt due from the deceased. In accordance with the decision in Westminster Bank v IRC [1954] WLR 242 the value of the annuity should be calculated by reference to the cost of purchasing an annuity from the National Debt Commissioners. »Ê¹ÚÌåÓýappse calculations will be made by the Actuarial Team. But before you refer this to the Actuarial Team you should ask the taxpayer to state:
- the precise circumstances under which the annuity is payable
- the date of birth of the annuitant
- the gender of the annuitant
- the frequency of payment of the annuity, and
- how the value (if any has been provided) has been calculated.