(1) In this section -
"life annuity" means an annuity payable for a term ending with (or at a time ascertainable only by reference to) the end of a human life, whether or not there is provision for the annuity to end during the life on the expiration of a fixed term or on the happening of any event or otherwise, or to continue after the end of the life in particular circumstances;
"purchased life annuity" means a life annuity granted for a consideration in money or money's worth in the ordinary course of a business of granting annuities on human life.
(2) This section shall not apply to -
(a) any annuity which apart from this section would be treated for the purposes of the provisions of the Income Tax Acts relating to tax on annuities and other annual payments as consisting to any extent in the payment or repayment of a capital sum,
(b) any annuity purchased under or for the purposes of any sponsored superannuation scheme within the meaning of section 783(1), or any scheme approved un
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