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Sir the tax payable on the excess over lifetime allowance at either 55% or 25% is payable at realisation of benefit from the excess or in the tax year it is identified as being exceeded?
Oh. I didn’t remember that this wasn’t examined at F6 level. Actually as there is no P6 OT tutor I asked my question here. My question was in context of P6.
Assessable when the benefit is actually taken – you will be told in the question when the pension benefit is taken and whether it is taken as a lump sum or an annuity.
I would advise however not to worry about such small issues but to make sure you have good basic knowledge across the core syllabus areas.
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