Calculate the scheme specific protected tax free cash amount for money purchase arrangements on or after 6 April 2024.
Please Note:
There is a flaw in HMRC regulations on the calculations.
On 25 April 2004 HMRC announced in Pension Schemes Newsletter 159 that further amendments were being added into the calculation to factor in those that held Lifetime Allowance (LTA) protections that gave them an allowance above £1,073,100.
HMRC intend to have the SSPTFC calculation working post April 2024 in the exact same way it did prior to April 2024.
The tool calculates SSPTFC on what HMRC intend not based on what the current regulations state.
Find the protected tax free amount your client may be entitled to
The tool calculates the scheme specific protected tax free cash amounts for those individuals who had an entitlement to tax free cash in excess of 25% on 5th April 2006.
For full information on these lump sums you can read our Scheme Specific Protected Tax Free Cash article.
Guidance, but not advice
The results of the tool are illustrative only and are in no way intended to be a recommendation for a particular course of action and do not constitute advice. The results are based on our current understanding of legislation and HMRC practice. But these might change without notice and the tool doesn’t take into account all of the possible circumstances that could impact your clients.
Ready to start
Get started and try the Protected Tax Free Cash Tool
Please note - you need to enable macros to use the tool.
Ask an expert
Submit your details and your question and one of your Account Managers will be in touch.
Follow us on LinkedIn
Follow us on LinkedIn where you will be the first to see any news, views or support we think matters.
