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Any Answers Answered: PCRT and pension lump sum rules
TaxTV's Giles Mooney and Tim Good answer two questions from the pages of Any Answers on the state pension lump sum rules and professional conduct in relation to tax (PCRT) concerns.
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I have a similar situation with a client for 2020/2021, but without the gain exceeding the annual exempt amount. However, the client is a very generous person and has a number of Gift Aid payments in place. Just to be on the safe side, I have advised him to contact all the charities and withdraw the Gift Aid element; I do not wish to have a prolonged argument with HMRC on whether the clawback of tax on Gift Aid which would result otherwise counts as 'a tax liability'.