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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15914
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Ive received a chargeable event certificate from [email protected]

Resolved Question:

ive received a chargeable event certificate from [email protected] on the bond I cashed in the amount I invested was greater than the amount I invested how do I find out how to pay the tax on the profit I recieved
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Can you tell me how much the gain was, how many relevant years are shown on the certificate and what the level of your annual income is please.
Customer: replied 1 year ago.
the gain was £6427 9 years
Expert:  TonyTax replied 1 year ago.
Thanks. Are you a higher rate taxpayer, ie is your income over £43,000 per annum? Is there a tax figure on the certificate?
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Customer: replied 1 year ago.
no
Expert:  TonyTax replied 1 year ago.
Thanks. Take a look at HS320 for information on how UK chargeable event gains are taxed. The gain will be a UK gain if there is a tax figure on the certificate, £1,285.40. You divide the gain by 9 to arrive at the top-slice. That will be £714.11 (£6,427 / 9). Add that to your annual income before tax. If the total is less than £43,000, you will have no tax to pay. If any part of the gain goes over £43,000, you will pay tax at 20% on that partmultiplied by 9. Let me know if there is no tax figure on the certificate. I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
Thanks.

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