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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4952
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I have received an equity bond which has matured and the tax

Customer Question

I have received an equity bond which has matured and the tax deducted is £500.00. I am 70 yrs old and not a worker so am I entitled for a refund.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to be able to help you with your question. You might, it all depends upon your tax position excluding the bond. For example, if you are in receipt of a State Pension, this is taxable, but is paid gross. The normal practice is for HMRC to reduce the tax code on any occupational pension you receive to recover the unpaid tax. Of course, you may be well below the personal allowance with your pensions in which case you should approach your tax office with a view to an immediate refund of the tax deducted. Otherwise you would have to wait until the end of the tax year and achieve recovery through your annual self assessment tax return. Of course, this tax deducted might well be and probaly is, for Capital Gains Tax (CGT). If your gains are below 11.1K in the tax year then the moneys could equally be refunded. I do hope that my reply has been f assistance.