I was hoping I could get some advice/assistance please.
My client is newly self-employed but also receiving a work pension from a previous PAYE employment. In 13/14 he received a redundancy payment. I understand that up to £30,000 of this is tax free and anything above that will be taxed, and I know where to put this information.
He is also receiving a 4 weekly private pension, and I also know where to declare this income.
What I am struggling with is where (if at all ) I need to declare his tax free lump sum he received at the start of his retirement? The pension letter states very clearly that it is tax free (12.4% of the current Government Lifetime Allowance limit)
My question is, even though it is tax free, ought it to be declare in the tax return, and if so where/which page or box? I have searched online and cannot find the answer.
Many thanks in advance.