Pension Lump Sum

I have taken a lump sum this year which exceeds the tax free allowance. I also took a small lump sum in 2018 when the LTA was £1m. Is my current tax free allowance reduced by the cash amount I took then, or by the proportion of the then LTA?

Hi Jamie Smith,
Please have a look at the guidance here:
Tax on your private pension contributions
Thank you 

 

Hi, this doesn’t answer the question. A hypothetical example If I took cash of 500k when the limit was 1m I would have used 50% of the limit. When calculating what I can take now, do I deduct 500k or 50% of 1.073m? Thanks

Hi Jamie Smith,
Please refer to:
Lifetime allowance guidance newsletter: March 2024
HMRC cannot provide answers to hypothetical or actual scenarios and if further advice is still required, you will need to contact us direct
Self Assessment: general enquiries.
Thank you.