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chargeable event !!

Practical Issues
mutantpoodle
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chargeable event !!

#418284

Postby mutantpoodle » June 9th, 2021, 6:39 am

after some 20 years of holding a 'With Profits Bond' I have received a letter saying I have a 'chargeable event'
its only £398
and tax treated as paid is £80

But I cannot see where to show this in my online tax return...

do I have to have 'supplementary pages'
or does it go in 'gains on life policies'...whch I have not explored....yet

how has anyone dealt with this please

DrBunsenHoneydew
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Re: chargeable event !!

#418357

Postby DrBunsenHoneydew » June 9th, 2021, 12:11 pm

mutantpoodle wrote:after some 20 years of holding a 'With Profits Bond' I have received a letter saying I have a 'chargeable event'
its only £398
and tax treated as paid is £80

But I cannot see where to show this in my online tax return...

do I have to have 'supplementary pages'
or does it go in 'gains on life policies'...whch I have not explored....yet

how has anyone dealt with this please

The gain should be reported in the tax return using supplementary pages SA101.
Include the details of the gain under ‘Gains from life insurance policies, capital redemption policies and life annuity contract’.

Gengulphus
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Re: chargeable event !!

#418363

Postby Gengulphus » June 9th, 2021, 12:22 pm

mutantpoodle wrote:or does it go in 'gains on life policies'...whch I have not explored....yet

how has anyone dealt with this please

I haven't dealt with anything like it for around 20 years, but my vague memory is that it is indeed to do with gains on life policies. That might have changed, but a look at the 'help' information for paper tax returns (which is often more helpful than the online 'help' information, especially about the less commonly-encountered details) suggests that it's still the case: "Gains from life insurance policies, capital redemption policies and life annuity contracts" is a section in SA101 "Additional information", and the associated notes contain three occurrences of the phrase "chargeable event". I haven't investigated further, but it would probably be worth checking them to see whether they tie up with the letter you've received.

Gengulphus

mutantpoodle
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Re: chargeable event !!

#418414

Postby mutantpoodle » June 9th, 2021, 4:25 pm

many thanks both
I have no objections to declaring, but as it says 'treated as tax paid' i want to make sure I dont put it somewhere that atracts tax...again !!


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