PSI2.3.13 - Taxation Background: CHAPTER I PART XIV ICTA 88 - Section 591

(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)

Section 591(1) gives the Board discretion to approve schemes that do not satisfy the "prescribed conditions". Almost all applications for approval are considered under this section because the benefits normally approvable are more generous than those prescribed under section 590(2) and (3). Discretionary powers must be exercised with care to ensure fairness and consistency of treatment. The way in which we normally exercise discretion is set out in the Practice Notes, IR12(2001), and covers a wide range of circumstances. These Instructions expand upon that practice. The discretionary powers in Part XIV, ICTA 88 also enable us to respond flexibly to developments as they occur.