Capital and income bonds

Maxiboy

Hi, I'm new to this and not sure what if this is the right way to ask but here goes. I invested some money in capital and income bonds and want to use some now, however I have been told that I will have to pay tax on any sum or sums I withdraw is this right? If so is there limits per financial year or what is it based on? Can anyone help please? Thks

xylophone

http://candidmoney.com/askjustin/378/skandia-capital-and-income-bond-ok This type of thing?

Are you seeking partial withdrawals of over 5% of original investment per policy year? http://www.defaqto.com/guides/investments/investment-bonds-guide/

dunstonh

Can you clarify what you mean by capital and income bonds. Bond is one of the most misused terms going. It could potentially cover different products with different tax rules.

Maxiboy

Sorry to be thick but I inherited some money and was advised by a financial adviser of what to do with it and that was to put it into capital and income bonds which he did for me and so I am not sure what the differance is with bonds..... It has a fund name and I go through a company to view its growth on line but thats as far as I know about it, except I have drawn money from the interest once about 5yrs ago and I am led to believe its in several different funds. Not much sense I know but thats why I need advise

gadgetmind

Maxiboy wrote: »

advised by a financial adviser

As said adviser will have stuck a percentage of your money into his back pocket, perhaps you could ask them to provide the required explanation? Failing that, you need to know exactly what you invested in so as to be clear which regulations it comes under.

Out of interest, was that an IFA or (for instance) someone at a bank?

xylophone

It has a fund name

Which is? (see my previous reply).

Maxiboy

I dropped the financial adviser (IFA and he was recomended!) when I found out he set the investment up but had not put me as the benifiiciary!!!! thats also why I dont know alot about it, I gave him the money and he invested it. There are fund names like SK Jupiter, SK aviva property and they all have 'units' with amounts. I just wanted to draw a small amount out for home improvments and at least use some of it now and keep the rest invested.

gadgetmind

Do you still have all the relevant paperwork?

Based on what you have said, which isn't that much TBH, it doesn't sound like this product was right for you, and certainly wasn't explained to you properly. You may well want to re-engage with the IFA with a view to improving your situation at his expense.

Maxiboy

The investment has gained by 15K in 11yrs so I thought that was good and as I didn’t want to waste the money, I haven’t lost any of the original amount invested. Maybe I will contact him again just to get clarity, but he probably wont help as I disengaged him and so he doesn't get any money from my investments now, but thanks for the advice.

wigglefish123

Based on what you have said, which isn't that much TBH, it doesn't sound like this product was right for you, and certainly wasn't explained to you properly. You may well want to re-engage with the IFA with a view to improving your situation at his expense.

another helpful comment - you say the OP hasn't said that much and yet you're happy to lay the blame at the door of the adviser without knowing the circumstances.

bigadaj

wigglefish123 wrote: »

another helpful comment - you say the OP hasn't said that much and yet you're happy to lay the blame at the door of the adviser without knowing the circumstances.

Well from the available information does the I?fa seem to have done a good job to you?