PSI1.4.4to6 - Establishment and Administration of Retirement Benefits Schemes: Schemes Not Set Up Under Trust but Treated as Exempt Approved - Direction Under Section 592(1)(b) Not Sought

(This archived guidance relates to HMRC discretionary practice before the 6th April 2006. For current guidance on Registered Pension Schemes see the Registered Pension Schemes Manual)

Where a scheme or "Hancock" annuity is not under trust and "exempt" approval is not sought we will not normally make a direction under section 592(1)(b) ICTA 88 (but see PSI22.3.82). The question of a Schedule D or corporation tax allowance for the cost is then a matter for the Inspector of Taxes.