This Practice Note looks at additional voluntary contributions (AVCs). It reviews what they are, the historical background to the tax rules on AVCs, how AVCs operate under the tax regime in operation since 6 April 2006 (A Day) which includes consideration of how tax relief applies to AVCs and the application of the annual and lifetime allowances in relation to AVCs and restrictions on recycling of tax free cash into AVCs. It also considers the pre and post 6 April 2015 tax rules applying to AVCs in relation to ‘pensions freedoms’.
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