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Presumably the details have still to be ironed out in the finance bill. But how will this work for personal pensions/PRSAs?Michael Noonan said:I have been advised in numerous submissions of the value of allowing limited early withdrawal from AVCs. Therefore, in the Finance Bill I will make provision for persons with AVCs to withdraw up to 30 per cent of their value. Any amounts withdrawn will be subject to tax at the individual's marginal rate since marginal rate relief was provided on the contributions on the way in. The option will be available for a 3 year period from the passing of Finance Bill 2013
I believe Revenue expect to take €100m. From the Government's perspective it seems to be win/win.
Presumably the details have still to be ironed out in the finance bill. But how will this work for personal pensions/PRSAs?
Apologies. Just noticed the budget section. I'd delete the thread if I could...
The Finance Bill is generally published in early Feb. It will then take a number of weeks to go through the Dail & Seanad and should pass into law around end March or early April.
The Bill should detail how the AVC drawdown wil work.
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