For anyone in excess of the lifetime allowance, tax is currently charged at 55% if benefits are taken as a lump sum. To take funds as a regular income, such as an annuity, this is 25% although this is on top of their usual income tax.
For anyone in excess of the lifetime allowance, tax is currently charged at 55% if benefits are taken as a lump sum. To take funds as a regular income, such as an annuity, this is 25% although this is on top of their usual income tax.
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