One of the disadvantages in practice of a “capital” or “two contract” annuity is the necessity for the office to furnish in the annuity-certain bond, for tax purposes, a schedule showing the capital repayments in each of the periodical instalments of annuity. Thus in a 20‐year annuity-certain payable by half‐yearly instalments 40 calculations are required, and these have to be checked and finally adjusted to agree in total with the original purchase price. The labour involved is considerable if such calculations are frequent.