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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I hope that you can help I had made a GrowthBuilder

Resolved Question:

Hello I hope that you can help
I had made a GrowthBuilder investment with a bank ( non Isa ) based on Uk Equities
This investment matured recently.
My question is about the declaration of UK tax income on my tax return.
The bank no longer issue "certificates of deduction of income tax" so I don't know what to declare. This was an investment over 5 years, the initial amount was £25000 and the maturity value was £35000 . Can you help ?
Thank you Chris
Submitted: 9 months ago.
Category: Tax
Expert:  TonyTax replied 9 months ago.

Hi.

Was this a Barclays Growthbuilder plan?

Customer: replied 9 months ago.
Tony it was
Expert:  TonyTax replied 9 months ago.

Thanks.

According to the notes here, the profit is subject to Capital Gains Tax not Income Tax. I seem to recall having one or two of these or similar over the years and I always had to check or have the client check with the issuing bank.

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

Customer: replied 9 months ago.
Thank you Tony . I will check witt Barclays .if capital gains do I simply declare the amount received between the initial/ matured figures ? Thank you
Expert:  TonyTax replied 9 months ago.

If you have previously invested in a Barclays Growthbuilder and income tax was deducted from the "profit" on maturity, I would check with the bank itself as to their undetrstanding of the tax treatment givne that tax is no longer deducted from interest. Tax would never be deducted from capital gains.

Expert:  TonyTax replied 9 months ago.

You only need to declare capital gains if the gains for the tax year are in excess of the annual CGT exemption which is currently £11,100 or the disposal proceeds of all such capital transactions for the tax year are in excess of £44,400 (4 x the annual CGT exemption) regardless of the level of the gians overall.

Expert:  TonyTax replied 9 months ago.

The capital gains pages can be found here.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15840
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 9 months ago.
Thank you Tony you have answered my question fully . I am grateful and thankful Chris
Expert:  TonyTax replied 9 months ago.

Thanks.

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