SA - CGT chargeable gains - help?

sjb23

Sorry, like so many other people, I'm doing a last minute self assessment. Haven't had to do one for years and I could do with a little help.

Could anyone explain to me how to enter details of the disposal of a portfolio bond?

I have this information from Zurich:
The amount paid into my bank following the disposal
The date of the 'chargeable event'
The amount of the gain
The number of years over which the gain was made
The tax treated as paid
Type of event -03 full or partial surrender

I'm not sure that I've put the correct information in the correct boxes as the final calculation is coming out that I owe £1k in tax whereas I don't think I should owe anything.

Happy to give all the details if necessary. TIA

Keep_pedalling

Some figures would help

p-pincher

You've put CGT in you title but from the information that you have provided it seems it a chargeable event which on a paper return would go onto the additional information section. I'm unsure what section it is online as I have not completed a return online. A chargeable event is not a capital gain.

sjb23

Thanks for the replies.
I'll add the figures once I'm back at the computer.
I sold a portfolio of shares (to pay for a lease extension).
Back in a bit!

sjb23

Right, after a bit more of a read, I think you're right p-pincher. It does seem to be a chargeable event.

I cashed in a portfolio investment bond, held via Zurich Assurance. It comprised four separate funds - Balanced Managed Growth AL, Property AL, Defensive AL, Henderson Ind of the Future AL.

I received £30,778.98 paid into my bank account.
The letter says 'This withdrawal has resulted in chargeable gains on your plan'.
Date of chargeable event: 13 March 2015
Amount of gain: £16,578
Number of years over which gain was made: 12
Tax treated as paid:£3,316
Type of event: 03 Full or partial surrender

I am a basic rate tax payer.

I will have a look at the online form to see where to put a chargeable event. It appears as if it'll fall into the income section.

Any input gratefully received.
TIA

Keep_pedalling

I believe this should go in other UK income under Life insurance gains. Unless you are very close to the upper limit for a BR payer you should find you have no tax to pay on this.

sjb23

Hi Keep pedalling
Does it count as Life Insurance?

sjb23

It would be great it I could put it there as that leaves me owing £1.80.

(I do realise that I have left this ridiculously late!)

[Deleted User]

If his income is over c£25000 he would have to claim top slicing relief - otherwise he would definitely be higher rate .

[Deleted User]

sjb23 wrote: »

Hi Keep pedalling
Does it count as Life Insurance?

No - other income. What is the total of your other income roughly?

Keep_pedalling

[Deleted User] wrote:

No - other income. What is the total of your other income roughly?

I could be wrong but my understanding of this type of product is that it contains an element of life insurance, which is included in other income on SA, and is the only form of other income where the number of years held has any relevance.