TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Defined Benefit pension schemes and Buy-out Bonds

As we previously reported, individuals who have a Buy-out Bond that originated in a Defined Benefit pension scheme will now be allowed to use these Buy-out Bonds to access an Approved Retirement Fund (ARF).

This change became effective from 22 June 2016. Prior to this change, accessing an ARF was only available in respect of benefits payable from a Defined Contribution pension scheme and personal pension plans.

Revenue has now updated its Pensions Tax and Duty Manual which provides more details of these changes. Revenue eBrief No. 72/16, which is available on the Revenue website, provides more information on the changes.