Calculates the income tax payable, after available reliefs, for one or more chargeable event gains on a life or redemption policy. It can’t be used where the gain is assessable on trustees, or where a company owns the investment, because life and redemption contracts owned by a company are taxed under the ‘loan relationship’ rules.
Following the Budget 2020, gains made prior to 11 March 2020 are taxed differently to those made after. Where multiple gains occur in the 2019/20 tax year, the 11 March changes apply to all gains where 1 or more of the gains occur after 11 March 2020.
For gains made before 11 March 2020:
For gains made on or after 11 March 2020: