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Posted Thu, 11 Apr 2024 06:10:25 GMT by Jamie Smith
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?
Posted Fri, 19 Apr 2024 13:37:39 GMT by HMRC Admin 25
Hi Jamie Smith,
Please have a look at the guidance here:
Tax on your private pension contributions
Thank you 

Posted Fri, 19 Apr 2024 16:13:27 GMT by Jamie Smith
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
Posted Thu, 25 Apr 2024 14:38:52 GMT by HMRC Admin 25
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. 


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