Stuart is a member of a money purchase pension scheme. In tax year 2023-24 he decides to
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Stuart is a member of a money purchase pension scheme. In tax year 2023-24 he decides to take £320,000 out of his fund. He takes the maximum tax-free lump sum and then the remainder of the £320,000 is used to buy an annuity. He has 20% of the lifetime allowance available after previous BCEs. Explain the tax consequences of this decision.
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The available lifetime allowance is 20 of 1073100 214620 This is lower than the amount be...View the full answer
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