In June 1999 the Association of British insurers (ABI) (after discussion with HMRC Inheritance Tax) issued a guidance note setting out the basis on which a claim to Inheritance Tax might arise. The text of the guidance note is as follows:

1. Introduction

1.1 This paper sets out the conclusions reached in discussions and correspondence between ABI and the Capital Taxes Office on the Inheritance Tax position regarding the deferral of annuity purchase/income withdrawal facility under personal pensions.

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