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Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have a uk investment bond that I was planning to drawn

Customer Question

I have a uk investment bond that I was planning to drawn down on.
The current investment team has been performing consistently worse than market.
I want to move the fund to a new investment team.
Will I have to pay tax on it if I encash it and then reinvest it elsewhere
It is 150,000 with L&G and I want to move to the Woodford equity income fund
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Can you tell me what the original investment was, when that was made exactly (month and year), whether you have made any withdrawals, the amount of any withdrawals, whether there have been previous chargeable events and what the value of the bond is now.