Lifetime allowance charge - Frank

Frank had benefits valued at £ 2,000,000.00 on his 06 April 2021 crystallisation date
The lifetime allowance was £ 1,073,100.00
His excess benefits value was £ 926,900.00
The lifetime allowance charge was £ 231,725.00 being £ 926,900.00 times 25 percent
Giving a net excess benefits value of £ 695,175.00
His tax-free lump sum was £ 268,275.00 being £ 1,073,100.00 times 25 percent
Plus his residual benefits value for income £ 804,825.00 being £ 1,073,100.00 less £ 268,275.00
Plus his net excess benefits value of £ 695,175.00
Giving total benefits value to provide income of £ 1,500,000.00