While an automatic 24% is withheld upfront, you would almost certainly owe a total of 37% when you file your 2024 tax return.

Several pension providers have been using the 30-day cooling-off period to be used for the withdrawal of tax-free lump sums ...

Let's say you won $1 billion Mega Millions jackpot. Is it better to get a truckload of cash at your house now, or guaranteed ...

You become eligible for Section 89 (1) relief when you receive arrears of salary, advance salary, or a lump sum family ...

But fears that Chancellor Rachel Reeves would slash the tax-free allowance to £100,000 in the Budget prompted a spike of savers to request to withdraw their pension lump sum. Savers acted on the ...

The annuity option spreads out the tax burden in addition to the payments ... they should take the money in a cash lump sum, because that would enable the person to “do some things on the ...

However, HMRC said that cooling-off periods, as specified by the Financial Conduct Authority (FCA), do not apply under the circumstances, adding: “The payment of a tax-free lump sum cannot be ...