How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 27913
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

We wish to partially surrender an investment bond. Will we

Customer Question

We wish to partially surrender an investment bond. Will we have to pay tax on it?
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: No
Submitted: 7 months ago.
Category: Tax
Expert:  TaxRobin replied 7 months ago.

Hello and thank you for allowing me to assist you.

Expert:  TaxRobin replied 7 months ago.

Part surrenders of up to 5% of accumulated premiums can be taken without any immediate tax charge

Where there has been a part surrender, a calculation must be made at the end of the ‘insurance year’ to see whether a gain has arisen, and if so its amount. That gain if any is taxable

You are most welcome

A 5 star positive rating would be appreciated.