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tax when over LTA
Flugelhorn
Posts: 7,621 Forumite
If a pension pot is crystallised with a view to putting it into drawdown and all the LTA has previously been used up then tax is payable.
My question is if there is no lump sum taken from this then is the 25% payable straight away or only when money taken out?
My question is if there is no lump sum taken from this then is the 25% payable straight away or only when money taken out?
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Comments
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Immediately upon crystallisation.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0
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Payable from the funds at the point of crystallisation.0
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thanks - that is very helpful0
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When people refer to crystallisation does that just mean when you make your first withdrawal ?
Many thanks ,
Thick Mick
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