Explanatory note

The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993 (“the 1993 Regulations”) restrict the discretionary powers of the Commissioners of Inland Revenue (“the Board”) to approve for tax purposes a retirement benefits scheme under section 591 of the Income and Corporation Taxes Act 1988 (“the 1988 Act”). The Regulations achieve this effect by requiring the scheme, as a condition of tax approval, to contain provisions in its trust deed and rules that comply with the Regulations.

By virtue of section 591A of the 1988 Act (inserted by section 35 of the Finance Act 1991), the 1993 Regulations also apply to schemes approved before the Regulations came into force (“existing approved schemes”), except to the extent that any provisions contained in the 1993 Regulations are disapplied by separate Regulations made under section 591A.

These Regulations disapply in relation to existing approved schemes the provisions in the 1993 Regulations that restrict the Board’s discretionary powers of approval.