Common use of Lifetime Allowance Clause in Contracts

Lifetime Allowance. The value of your individual fund being used to provide benefits must be tested against an allowance called the lifetime allowance, set by HMRC. If the lifetime allowance is exceeded, there will be a tax charge. ESL will deduct any tax charge due from your individual fund and pass this to HMRC. For further details of the circumstances in which this tax charge will arise, please contact ▇▇▇▇▇▇ & Co. Also, your lump sum rights may be restricted if your benefits exceed the lifetime allowance.

Lifetime Allowance. The value of your individual fund being used to provide benefits must be tested against an allowance called the lifetime allowance, set by HMRC. If the lifetime allowance is exceeded, there will may be a tax chargecharge in some circumstances. ESL will deduct any tax charge due from your individual fund and pass this to HMRC. For further details of the circumstances in which this tax charge will arise, please contact ▇▇▇▇▇▇ Cou7s & Co. Also, your there is a maximum lump sum rights may be restricted if your benefits exceed the lifetime allowanceyou can take subject to certain protections.