A competitive market is one in which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers. In a competitive market no single producer, or group of producers, and no single consumer, or group of consumers, can dictate how the market operates. competitive market is one in which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers. In a competitive market no single producer, or group of producers, and no single consumer, or group of consumers, can dictate how the market operates.
Only when the annuitant begins to withdraw money from the annuity, he has to pay tax on his gains. Annuitiy holders must be advised of the risks of deferred income taxes when they agree to accept an annuity contract. In the event of the death of the annuitant, the beneficiary is subject to tax.
Savers could pass on pension pots to loved ones tax-free when they die as Chancellor scraps the 55% 'death tax'. 1  Move will benefit families to the tune of Â£150million a year.2  Beneficiaries will pay just marginal tax rate when they withdraw the income if the person who dies is over 75. Beneficiaries will pay just marginal tax rate when they withdraw the income if the person who dies is over 75. 2  No tax will be paid at all if the person who dies is under 75. 3  Pensions can be passed on to grandchildren as well.