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Tax query on investment bond
Comments
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OK, found the answer myself. Total income with no averaging applies to Age Allowance according to this article.
Thanks to everyone who tried to assist answering my ramblings!Certain allowances, such as Age Allowance for those over 65 or Children’s Tax Credit depend on overall income. As the total gain (without averaging) is treated as part of your income for that year, these allowances may be reduced or eliminated by the gain.
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Taxationweb.co.uk is usually pretty reliable - but its forum does not have MSE's speed of response or width of experience (though it may well have greater depth):
Certain allowances, such as Age Allowance for those over 65 or Children’s Tax Credit depend on overall income. As the total gain [on the insurance investment bond] (without averaging) is treated as part of your income for that year, these allowances may be reduced or eliminated by the gain.0
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