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AVC & Tax...

ArmCandyBaby · 2010-08-25 12:35:42

One of my parents is looking to move the total sum from a privately set-up AVC account to buy back the remaining years on their original pension. Will they have to pay full tax on the AVC funds before they can do so or is it still tax exempt because it's moving from one pension fund to another? Thanks for your help.

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25-08-2010 1:35pm

#1

ArmCandyBaby

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Join Date: October 2008

Posts: 188

One of my parents is looking to move the total sum from a privately set-up AVC account to buy back the remaining years on their original pension. Will they have to pay full tax on the AVC funds before they can do so or is it still tax exempt because it's moving from one pension fund to another? Thanks for your help.

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#2 25-08-2010 5:35pm
eagle_i

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Once it is transferring from one pension contract to another there is no tax implication.

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#3 25-08-2010 6:17pm
ArmCandyBaby

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Join Date: October 2008

Posts: 188

Thanks for that! It make's sense but sometimes what makes sense and what actually happens are completely at odds. I'm glad that this isn't one of those times.

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