Revenue has made a number of updates to the Pensions Manual following amendments introduced in Finance (No) Act 2023. The main updates reflect:
-
the exemption from income tax of rental income is subject to registration with the Residential Tenancies Board.
-
cases where assets of an ARF are used as a loan or as security for a loan to a close company where the ARF owner or any person connected with the ARF owner is a participator.
-
Revenue will no longer approve any applications for new RACs from 1 January 2024, except where an application has been made to Revenue for approval under this section before this date.
-
There is now no upper restriction on when benefits must be taken, with PRSA holders aged 75 and over having full access to draw down from their funds as they wish. The lower age limit of 60 is still in place.