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MR Boyes, a South African resident, purchased an annuity of R15 00 per annum payable monthly from AB Insurance Ltd on 1 October 2021 for

MR Boyes, a South African resident, purchased an annuity of R15 00 per annum payable monthly from AB Insurance Ltd on 1 October 2021 for R90 00. The annuity is payable for 10 years, commencing on 31 October 2021. On 1 June 2022, he commuted the annuity for a lump sum of R80 00. 


Calculate the total taxable portion of the purchased annuity that will be included in taxable income for the year of assessment ended 28 February 2023.

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