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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 27913
Experience:  International tax
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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.