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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4985
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have an investment which has not produced much interest over

Resolved Question:

I have an investment which has not produced much interest over the past few years. i wan to cash it in and use it for home improvement. Value is about £7000.00 I am retired on basic pension. Will I have to pay tax? How much will I have to pay and how?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

If your investment provided you with interest income in the past albeit small amounts, then the interest would have been subject to income tax.

You would only pay capital gains tax if the gain made exceeded your gains exempt amount of £11,100.

Based of what you have stated, there would be no capital gains tax to worry about if you were to cash in your investment.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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