tax credits/savings and investments

shropshirelass_2

can anyone explain to me what a "chargable event" gain from a life policy is, for tax credit purposes, they need to know the full amount of that gain before any top slicing releif foe income tax purposes.
Have a policy which i was thinking of cashing in but if i do it may effect my credits!

Milarky

This seems to explain the concept [if I can grasp it!]

http://www.carisbrook.org.uk/facts%20cgt.htm

It would appear to suggest that CGT lability may arise in many circumstances related to the disposal of a policy - other than continuing to hold it - when any increase in underlying value is ignored, naturally.

'Tax Credts'? I suppose they are asking becuase they generally count income plus income from savings/investments whilst disregarding the actual assets themselves. I also have a policy in the process of selling, but I would have regarded it as 'not chargeable', since the difference between what I have put in and what it will be worth in well within the £8,200 annual exemption. I also seem to recall reading that certain classes of policy sale [eg held for over 10 years] would not be subject to GCT. Try looking that up.