Chargeable Events

Handing over papers

The devil is in the detail

Time apportionment relief changes from 6/4/13 had consequential impacts on top slicing relief for offshore bonds with excess events (withdrawals above the 5% allowance) but these seem to have gone ‘under the radar'.
man on mac

Chargeable Gains on Onshore Bonds

Chargeable gains – when they apply and to whom. This will be laid out with a general overview and then subsections dealing with each scenario. This article deals with individuals and trusts but does not cover bonds held by corporate investors.
open book

Multiple chargeable events on multiple and single policies ending in the same tax year

A client may need to fully or partially encash their investment bond(s) at different times within one tax year creating a series of gains. How these bonds are encashed can determine any chargeable gains realised within that tax year and the calculations for tax.
completing forms

UK single premium investment bond tax

In the following article, references to the current UK tax rates mean rates in the tax year ending on 5 April 2017 (tax year 2016/2017).

Time apportionment relief changes

The aim of this document is to provide an overview of the changes to time apportionment relief which were implemented in the Finance Act 2013.
Couple meeting adviser

Don’t be rash; get tax advice before you encash!

The Upper Tribunal ruling in Joost Lobler v HMRC (2015) UKUT 152 (26 March 2015) has overturned the First Tier Tribunal decision and now enables the court to provide a remedy of rectification in the limited circumstances where the court deems the error of selecting a part surrender instead of a full surrender on a withdrawal form to be ‘of a sufficiently serious nature’.
messy desk

UK tax – Chargeable Events and LPRs

UK tax assessment process where chargeable events occur following the death of the policyholder (or last policyholder for jointly held bonds). This applies only where the policyholder was not a trustee.

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