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Cheque for closed Unit Trust?
Frank99
Posts: 626 Forumite
A unit trust i invest a small amount of money in is closing down, the provider told me i can do a fund switch to another fund or receive a cheque in the post for £5447 or whatever the value when sold.
They told me in a letter that if i choose to have a cheque sent out the relevant authorities would be alerted.
I just wondered if they mean HMRC because my yearly income does not go over the current allowance and i thought capital gains was £6000 or more.
They told me in a letter that if i choose to have a cheque sent out the relevant authorities would be alerted.
I just wondered if they mean HMRC because my yearly income does not go over the current allowance and i thought capital gains was £6000 or more.
Enjoy everyday like it's your last!
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Comments
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They told me in a letter that if i choose to have a cheque sent out the relevant authorities would be alerted.
Strange wording but it would be classed as a disposal for CGT purposes.
I just wondered if they mean HMRC because my yearly income does not go over the current allowance and i thought capital gains was £6000 or more.The CGT allowance is £6000 (your income isn't subject to CGT). it seems unlikely you would have a CGT bill unless you bought the fund a long time ago or you have other realised gains.
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
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