Tax return - help please!
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Thanks again for your reply purdyoaten2
Something is still going wrong; entering £701 into the 'Tax taken off UK Life Insurance policy etc: Gains on voided ISA' box increased the amount of 'Total tax repayable to you for 2016-17' by £701. So seems to be refunded rather than credited.
I have misled you. (In my defence, it is very difficult to remember the pages on an online form).
I have accessed a client for whom I have yet to prepare a return with £12000 income and no tax deducted and a chargeable event than similar to your problem. The tax due on £12000 is £200. I get this in the calculation.
Income Tax due £200.00
minus Notional tax from gains on life policies etc £700.80
Income Tax due after allowances and reliefs £0.00
As I said before, credit is given for the tax deemed paid at the chargeable event but only to reduce the tax liability to NIL.
Now where do you enter the deemed tax - you don't!
Enter as below:
You have said that you received life insurance gains in the tax year 2016 to 2017.
UK life insurance policy etc. gains on which tax was treated as paid - enter £3504.00
Do not enter anything else.
The system will know that the deemed tax was £710. Promise :rotfl:0 -
Thank you purdyoaten2,
Tax return submitted, hopefully will have less trouble next year!0
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