Fields to complete when transferring a Living Annuity into the system to ensure tax calculations take previous payments and PAYE into account

When transferring a Living Annuity onto the system from another LISP you can indicate the Income paid in current year via external source as well as the PAYE paid in current year via external source and the Date for payments in external source (use transfer date).

Navigation: Entity -> Personal Details card -> More Actions -> Tax Details

When transferring a Living Annuity from another LISP, you can record the current year’s externally paid income, the associated PAYE, and the respective payment dates in these fields.

The system uses this historical data when processing subsequent annuity payments (recurring withdrawals). By factoring in the externally paid income and PAYE, it accurately calculates the remaining tax liability to ensure the client is not over- or under-taxed.

Important Note: This information is strictly applied to the current tax year. Once the tax year ends (e.g., after 28 February 2027), the system will automatically disregard these fields for any future recurring withdrawals, as they will no longer be applicable.

Last Updated on 3 months ago by Beryl Braak