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Get Form 787s Revenue Word

The chargeable excess is subject to an upfront income tax charge of 41% under Case IV of Schedule D in the year of assessment in which the BCE giving rise to the chargeable excess occurs. No reliefs, allowances or deductions may be set against the chargeable excess when computing the amount of tax due. In certain circumstances, however, tax on retirement lump sums may be offset against tax due on a chargeable excess (see below). The administrator of a pension arrangement who deducts tax from a.

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