Tax on my offshore bond.

SilverSix

I recently surrendered an offshore bond that was left in trust to me.

As it was offshore I was under the impression, as no tax had been paid, I had 20% tax to pay on the gain (providing the gain does not take me in to the higher rate tax, which if top sliced does not).

The bond was started in 1995 of which I had two segments which have a total value of £47,107 of which just over £27,000 is gain. Top sliced it equates to around £1080 gain per year. My initial expectation was 20% of £27k which will be roughly around the £5400 mark.

What I'd like to know is if there are any bits of information I've not come across that would effect my tax bill for the better? I'm currently a basic rate tax payer.

Also does anybody know how soon the tax has to be paid, is there a time frame or is it just before the start of the next tax year?

Thanks,

Ben