Chargeable Events

Introducing the chargeable event gain income tax calculator

Introduction to a new tool which calculates the income tax payable by individuals who realise a chargeable gain on their onshore or offshore bond.

UK Taxation of Investment Bonds - Quick reference guides

We’ve broken down the complex subject of chargeable events into, easy to digest, quick reference guides. These guides cover the need-to-know facts and provide examples of the method.

HMRC guidance on applying for a recalculation of a wholly disproportionate gain

HMRC has published guidance on how to apply for a recalculation of a wholly disproportionate gain following a part surrender or a part assignment for money's worth.

The devil is in the detail

Time apportionment relief changes from 6/4/13 had consequential impacts on top slicing relief for offshore bonds with excess events (withdrawals above the 5% allowance) but these seem to have gone ‘under the radar'.

Don’t be rash; get tax advice before you encash!

The Upper Tribunal ruling in Joost Lobler v HMRC (2015) UKUT 152 (26 March 2015) has overturned the First Tier Tribunal decision and now enables the court to provide a remedy of rectification in the limited circumstances where the court deems the error of selecting a part surrender instead of a full surrender on a withdrawal form to be ‘of a sufficiently serious nature’.

UK tax – Chargeable Events and LPRs

UK tax assessment process where chargeable events occur following the death of the policyholder (or last policyholder for jointly held bonds). This applies only where the policyholder was not a trustee.