TTFAC and previously taken SSPTFC
Wildparaplanner
Member
Hi,
We are looking into whether to apply for a TTFAC for a client.
They took SSPTFC pre-2024. For simplicity sake:
- Amount crystallised: £600,000
- Enhanced Tax-free cash taken: £240,000
As far as calculating whether or not to apply for a TTFAC, how do you calculate the "tax-free lump sum taken" with regards this scheme? Is it the full value of the tax-free cash taken (£240,000), or is it 25% of the amount crystallised (£150,000)?
Thanks
Comments
The transitional tax free amount for the LSA used is the actual PCLS paid.