Annuities Purchased Where Certain Claims or Actions are Settled

Part of New clause 13 – in the House of Commons at 4:20 pm on 3rd April 1995.

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329B.—(1) In a case where—

  1. (a) an agreement is made settling a claim or action for damages for personal injury,
  2. (b) under the agreement the damages are to consist wholly or partly of periodical payments,
  3. (c) the person against whom the claim or action is brought (or, if he is insured against the claim concerned, his insurer) purchases one or more annuities, and
  4. (d) a later agreement is made under which the annuity is, or the annuities are, assigned in favour of the person entitled to the payments so as to secure that from a future date he receives the payments as the annuitant under the annuity or annuities,
the agreement mentioned in paragraph (d) above is for the purposes of this section a qualifying agreement.