# Avc withdrawals.



## backothehill (26 Aug 2013)

What do people think of taking the 30% out of an avc fund?.....Spelling, sorry, withdrawals.


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## MrEarl (27 Aug 2013)

Hello,

Personally, I think it's an excellent idea but I've yet to see the detail of how it will work.

Simply put, if someone needs money and has funds in an AVC, it's an obvious source of funds ....


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## backothehill (27 Aug 2013)

It appears that you only have to pay the marginal tax on the money.Even though Prsi relief would also have been given up to 2011 when making the contributions.
 In my case I seem to have overpaid into my avc account so I'm thinking if I take out the 30% I could pay it off a troublesome variable rate mortgage I have.(investment property).


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## PaddyBloggit (27 Aug 2013)

I withdrew and had to pay the higher rate ... as that was what was allowed first day.

Very simple process ... got forms online from provider, filled them in and emailed them back (having scanned them in) and money was lodged into my account within 2 weeks.


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## backothehill (27 Aug 2013)

Sound, it seems pretty straight forward.


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## MrEarl (28 Aug 2013)

PaddyBloggit said:


> I withdrew and had to pay the higher rate ... as that was what was allowed first day.....



Would this withdrawl not be charged at each individual persons appropriate tax rate, at the time of withdrawl - so for example, those who may be unlucky enough to not have an income at present, could use their annual tax allowance, others on low incomes might be taxed at the lower rate etc ?


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## PaddyBloggit (28 Aug 2013)

Exactly MrEarl.


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