Chargeable Event Top Slicing and Student Loan Query

sh00148

Hi There,

I recently had a chargeable event gain of £11009. which was. held over 10 years I am trying to fill out the self assessment form and have nearly got there in terms of calculations however I am stumped on two things:

Student Loan - I assume I should have paid some additional loan payments on top of what I already did. How would I calculate this?

Also

I am unsure whether I qualify for top slicing and if so I am SO confused as to how to work this out.

I have a salary before tax of £46983.

Please help! 

sh00148

and just to clarify - this was done in the tax year 20/21 not 21/22

[Deleted User]

You need to claim top slicing relief. If the policy did run for ten years the ‘slice’ is £1100. If this was added to your salary you would not be a higher rate taxpayer. 

If your salary was your only income and you did not claim TSR your income would be £57992 and tax would be £10696.

if you claimed TSR your income would be £48083 and your tax £7116.60. 

Check this by playing with the figures on the return, first entering 11009 and then 1100 for the chargeable event - ignoring student loans.

You need to claim TSR of the difference in the additional information section - see manual version below. 

I don’t think that it is automatically granted in the calculation (it’s been a while since I completed this section and it has altered significantly since I did) - perhaps current practitioners on here can advise?

I know nothing about student loans.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/974830/SA101-2021-Online.pdf