I was more interested on what fees I would have to pay for a Second Tier appeal, I udenrstand all court costs are paid by the appellant should I lose the case. The tax is income tax, nuts, I am in effect being charged income tax twice 1/ when I earned the money in the UK and 2/ when I withdraw it from the policy. Complex regs exist when more than 5% is withdrawn as in my case.
Thanks. The difference here is im not being charged income tax on interest, i am being charged income tax on the orignal amount.
personal portfolio bond sorry should be ppb
I have written to my MP that outlines the issue more clearly. The law basically sucks, in the meantime Im 35k out of pocket on the back of regulations that are very very com[;icated/
As noted in paragraph 7 above, in the case of a UK policy, the policyholder is liable to income tax only at the excess of the higher rate over the basic rate (s 530(1) ITTOIA), but in the case of an offshore policy, the policyholder is liable at the basic rate as well (s 530(4)(b)). On the face of it this treatment discriminates against persons who take out policies with insurers in other Member States of the EU and against insurers in such Member States, such that the free movement of capital and the freedom to provide services might be in issue.