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Revenue Changes IR12 Drawdown Rules
by Ian Neale 05/09/2001 Printer-friendly version of this page
On 31 August 2001 the Revenue completely rewrote the rules governing income drawdown from occupational pension schemes (including AVCs and FSAVCs and s.32 buy-out contracts). The new Appendix XII of the Practice Notes can be downloaded as part of the updated IR 12 (2001); according to the announcement in Pensions Update No. 105, consequential "minor" changes have been made elsewhere in PNs. The new Appendix XII is date coded and if amended in future will be entirely replaced by a further date coded Appendix; trustees who have adopted the earlier version will not be obliged to switch.
An initial comparison of the new and preceding versions of Appendix XII suggests that rather few substantial changes have been made, although as the format is entirely different close attention should be paid. For a summary of particular points which might be noteworthy, members login here.
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