CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
Insurance under the Insurance Act by the Minister to whom
responsibility for finance is assigned". Ch. 84:01
(ab) "annuitant" means an individual referred to in paragraph (b)(i)
or (b)(ii) to whom, under an approved deferred annuity plan, any
annuity for life is agreed to be paid or is to be provided;
(b) "deferred annuity plan" means -
(i) a contract between an individual and a person authorised to
carry on an annuities business in Trinidad and Tobago, under
which, in consideration of payment by the individual of any
periodic or other amount as consideration under the contract,
that person agrees to pay to the individual, commencing at
maturity, an annuity for life, in this section and in sections 29
to 32 referred to as an approved deferred annuity plan; or
(ii) an arrangement under which payment is made by an individual -
(A) in trust to a company of any periodic or other amount as a
contribution under the trust; or
(B) in trust to a company approved by the President for the
purposes of this section that is authorised by law to issue
investment contracts providing for the payment to or to the
credit of the holder thereof of a fixed or determinable
amount at maturity, of any periodic or other amount as a
contribution under any such contract between the
individual and that investment company,
to be used, invested, or otherwise applied by that company
or that investment company, as the case may be, for the
purpose of providing to the individual, commencing at
maturity, an annuity for life;
(c) "approved deferred annuity plan" means a deferred annuity plan
approved by the Board for the purposes of this Act as complying
with the requirements of this section and the regulations;
(d) "approved pension fund plan" means a pension fund plan approved
by the Board for the purposes of this Act as complying with the
requirements of this section and the regulations;
(e) "benefit" means any amount paid or payable under an approved
pension fund plan or an approved deferred annuity plan otherwise
than as a contribution or premium as the case may be;
BIR Mac Edition 91/01 Page 45