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Flexi Bond tax implications
robert2018
Posts: 1 Newbie
My Dad has just informed me that he bought a "Flexi Bond' in my brother and my names many years ago which cost him £20k at the time.
This Bond is now worth approx £60k(My Dad is a legend
) and he thought we would like to cash it in (we are both looking at purchasing homes).
Will we be liable for Tax on this? Would this be classed as a gift or in addition to our income?
I've read some conflicting information on the web!
Any help would be appreciated.
This Bond is now worth approx £60k(My Dad is a legend
) and he thought we would like to cash it in (we are both looking at purchasing homes).Will we be liable for Tax on this? Would this be classed as a gift or in addition to our income?
I've read some conflicting information on the web!
Any help would be appreciated.
0
Comments
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Will we be liable for Tax on this?
Potentially yes.
Bond is a very misused name. So, it depends on what type of bond.Would this be classed as a gift or in addition to our income?
Depends on the type of bond it really is and how it is encashed.
What type of bond is it?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Is it a Single Premium Life Insurance Bond? Or some other beastie from the "bond" menagerie?Free the dunston one next time too.0
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