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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My retired husband was removed from self assessment system

Customer Question

My retired husband was removed from self assessment system in Aug 2014. His civil service pension puts him in the higher level tax bracket, with tax automatically deducted from his pension income.
We received a chargeable event certificate for a joint life assurance policy cashed in on 24/09/2014, which states that there was a gain of £82,603 and an amount of tax treated as paid of £16,521
Do I need to take any action on this before end of Jan 2016?
Submitted: 11 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 11 months ago.
Thank you for your question.The answer to your question is yes as you would have to report this chargeable event in your tax return 2015. Being on higher rate tax bracket, there may be additional tax to pay.You can file the tax return online before the deadline of 31 Jan 2016. 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.Please only rate my answer if it is acceptable.
Expert:  taxadvisor.uk replied 11 months ago.
More information on reporting of life insurance gains can be found herehttps://www.gov.uk/government/uploads/system/uploads/attachment_data/file/454491/sa101-notes_2015.pdf Many thanks
Customer: replied 11 months ago.
Thanks but I don't think that deals with the circumstances of my actual question. My husband is not in the self assessment net and does not complete a tax return. Are you saying that the only way to deal with this one off situation is to complete a full self assessment tax return for 2014/15?
Expert:  taxadvisor.uk replied 11 months ago.
Thank you for your reply. if your husband does not file a tax return then you should complete Form R40 and report the chargeable event on Page 3 under any other income and benefits.You can download this form herehttps://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419506/R40_M__internet_v2.0.pdf I hope this is helpful and answers your question.
Customer: replied 11 months ago.
I do not think we are looking for a tax refund - rather trying to find out how to pay tax due on the chargeable event
Expert:  taxadvisor.uk replied 11 months ago.
Thank you for your reply. I am aware in your case there is a likely tax payment and not repayment.This form is an alternative to completing the main tax return.The tax office will take the information from your return (Form R40) and post you a P800 tax calculation in due course. This would indicate what additional tax is payable.More information on P800 can be found herehttps://www.gov.uk/tax-overpayments-and-underpayments I hope this is helpful.

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