Revenue have published guidance on the practical operation of section 782A Taxes Consolidation Act 1997. This section provides members of occupational pension schemes with a three-year window of opportunity from 27 March 2013 during which they can opt to draw down, on a once-off basis, up to 30% of the accumulated value of certain additional voluntary contributions (AVCs).

The guidance from Revenue looks at what AVCs contributions are accessible, who can avail of the option to withdraw up to 30% of their AVC fund and how to exercise this option. A number of other practical and technical questions are addressed in the guidance. Specifically it is clarified that the amount transferred will be treated as emoluments to which Schedule E applies and tax will be collected at source under the PAYE system, however, the amount drawn down will not be subject to PRSI or the USC.

The full text of the guidance is reproduced on here.