We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Chargeable events / Inheritance tax?
PB22
Posts: 13 Forumite
in Cutting tax
When i was 18 I got my moms life insurance however because it was with AXA isle of man I got a chargeable event which means i owed tax on the money I didn't understand this at the time. Long story short the money is now gone and HMRC are wanting their tax money. I've had a letter recently to say as of April they will be taking money from my earnings which I don't think I have a problem with as I want to pay it back. I just wanted to know if anyone has any idea of how much they would take as I don't have the most amazing wage. I currently owe them about £7,000.
0
Comments
-
I'm surprised the letter doesn't say, although perhaps that will be in a follow up letter, but the sensible thing to do would be to ring them up to ask - do it early in the day (before 8) for the best chance of getting through without a wait.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards