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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have just received a chargeable gain certificate from

Resolved Question:

I have just received a chargeable gain certificate from Friends Life it states that the: "Basic rate income tax of £599.99 is treated as paid on the chargeable gain. You cannot reclaim this tax."
I understand that because I am a tax payer I have to pay this tax on £2999.92 because I have withdrawn that amount from a Multi Policy Investment.
As this is the first certificate I have ever received I don't know how to pay it.
I am on a a pension which includes 2 occupational pensions and a limited state pension so do not have to do Tax Form Assessments.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

Can you confirm what your annual pre-tax income is please. If you look at the certificate, it will tell you the number of "relevant years". Can you tell me what that figure is please.

Customer: replied 1 year ago.
£24352.44. All I want to know is how I pay the amount due?. and this site obviously does not give such basic information. There is no address available to send monies to or local offices to pay it through. If you can't supply this basic information Then please cancel any other info you have. Until my retirement before amalgamation with I.R I worked for C&E so not totally ignorant of other procedures. Thank you.
Expert:  TonyTax replied 1 year ago.

Thanks.

As you are a basic rate taxpayer and the chargeable event gain is treated as having suffered basic rate tax already, you have no further tax to pay at all. HMRC will have been advised of the gain but will see that there is no tax to pay when they match it to your tax file. You need do nothing other than to keep the certificate in a safe place for six years. Take a look at HS320 for information on tax and UK chargeable event gains.

I hope this helps but let me know if you have any further questions.

Customer: replied 1 year ago.
Thank you for that information it is very helpful, it is the basic things that worry us as we get older and I am pleased to see that the reply was in plain English. Hope I didn't sound too offensive or is that defensive in my comments.
Thanks again.
Kath . Lewis.
Expert:  TonyTax replied 1 year ago.

Your respones were fine.

Would you mind rating my answer before you leave the site please.

TonyTax and other Tax Specialists are ready to help you
Expert:  TonyTax replied 1 year ago.

Do you need me to call?

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