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Self Assessment / Tax Return Required?
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FIREDreamer
Posts: 1,012 Forumite
in Cutting tax
I used some drawdown funds to buy an annuity in this tax year 2023/24.
I have previously exceeded the LTA.
There was an increase in the value of the funds used to buy the annuity compared with its crystallised value.
Had I done this last tax year, 2022/23 there would have been an LTA charge of 25% on the difference and a tax return to confirm this had been paid would have been required.
Is a tax return needed this tax year when the LTA charge is zero?
What happens next tax year, 2024/25 - nothing as LTA no longer exists?
I have previously exceeded the LTA.
There was an increase in the value of the funds used to buy the annuity compared with its crystallised value.
Had I done this last tax year, 2022/23 there would have been an LTA charge of 25% on the difference and a tax return to confirm this had been paid would have been required.
Is a tax return needed this tax year when the LTA charge is zero?
What happens next tax year, 2024/25 - nothing as LTA no longer exists?
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