Exempt annuities
ID:CVEXA
Video Overview
Once Gross income has been determined for taxation purposes, you need to establish whether any of this income is exempt from tax. The capital element of an annuity amount which is received under an annuity contract is regarded as exempt income, and should therefore be deducted from Gross income. This tutorial will explain the basic principles of annuities and show you how to calculate the capital element of an annuity amount.
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