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Offshore bond help
spiritual
Posts: 42 Forumite
HI
my mother gave me approx 200k to invest in my name 2 years ago whilst she was doing chairty work abroad as she was unsure of her situation.I had invested with prudential offshore in mixture of funds. Last year i took out approx half of it as she needed it and gave it to her. Now i received a tax event bill, saying they are sending letter to hmrc!! amount was £5,000( *100 policies i think) so am really concerned.
the value of bond is approx 100k and has penalties.
I am earning 20k and on tax credits, how does tihs affect me and what tax do i pay, please help.
my mother gave me approx 200k to invest in my name 2 years ago whilst she was doing chairty work abroad as she was unsure of her situation.I had invested with prudential offshore in mixture of funds. Last year i took out approx half of it as she needed it and gave it to her. Now i received a tax event bill, saying they are sending letter to hmrc!! amount was £5,000( *100 policies i think) so am really concerned.
the value of bond is approx 100k and has penalties.
I am earning 20k and on tax credits, how does tihs affect me and what tax do i pay, please help.
0
Comments
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Why did you chose an offshore fund? They are normally for ex-pats, those planning to retire overseas, or higher rate tax payers but it does not sound like you are any of those.
There are offshore savings, investment bonds and investment funds. Check which you have. I'm guessing an investment bond in which case I believe you pay tax if you withdraw more than 5%.
Hopefully somebody else can confirm as this is not an area I know much about.0
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