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Posted Sat, 21 Oct 2023 14:27:48 GMT by TwistNShout
This might be obvious but I don't want to fall foul of not providing complete information. I have taken less than 25% from a private SIPP, which is now a Flexi-access drawdown fund, this is approximately £50,000. I do not believe that I need to declare this on my self assessment form but I can't find any leaflet confirming or denying the fact. Can anybody point me at a clear HMRC statement either way please?
Posted Wed, 25 Oct 2023 13:39:04 GMT by HMRC Admin 32
Hi,

Up to 25% of your Self Invested Pension Plan (SIPP) can be paid tax free. The remaining 75% will be chargeable to tax at your marjinal rate of Income Tax. As the lump sum is tax free, it does not need to be declared on a Self Assessment Tax Return.

Thank you.

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