The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Excepted Schemes) Regulations 1996
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.