Annuity deposit rates: income-band based percentage charges with capped maxima tied to income excesses. Rates and caps for annuity deposits are set by income bands: progressive percentage charges on adjusted total income apply to higher bands, subject to ceilings that limit the deposit to aggregated sums comprising a percentage on income within earlier bands plus one-half of the excess income over each band threshold. 'Total income' is computed per income-tax rules without making a designated allowance, which affects the base for these percentage calculations and caps.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Annuity deposit rates: income-band based percentage charges with capped maxima tied to income excesses.
Rates and caps for annuity deposits are set by income bands: progressive percentage charges on adjusted total income apply to higher bands, subject to ceilings that limit the deposit to aggregated sums comprising a percentage on income within earlier bands plus one-half of the excess income over each band threshold. "Total income" is computed per income-tax rules without making a designated allowance, which affects the base for these percentage calculations and caps.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
