tax on deferred fund

mookev

I have held a deferred bond fund since 1992. £10,000 was invested and I have drawn a total of £17000 over the years with a balance of £13.500 remaining. I have just recieved a chargeable gain certificate. I am a normal rate taxpayer. What tax can I expect to pay?

nomunnofun

As you are a basic rate taxpayer you will have no further liability over and above the amount shown as deemed tax suffered on your chargeable event certificate. This should be included on your self-assessment tax return though. If you are not required to complete one no further action is required.

mookev

So am i correct in thinking you only pay tax on anything you take from this bond if you are a higher rate tax payer. ( which i am not)?