Top Slicing Relief Problems

Phoenix72

[Deleted User] said:

Dazed_and_C0nfused said:

Dr_Dr said:

Well I finally received the Certificate of Chargeable Gain
It shows ...
Single Premium (13/05/1993) payment of £16,000
Surrender Value Paid (30/05/2023) payment of £70,280.64
Less Previously Notified N/A
Amount of Chargeable Gain arising £54,280.64

Any notional tax credit?

Generally not shown on a certificate. 

Any I've seen in the past would have 'Tax treated as Paid' - Yes or No

[Deleted User]

Phoenix72 said:

[Deleted User] said:

Dazed_and_C0nfused said:

Dr_Dr said:

Well I finally received the Certificate of Chargeable Gain
It shows ...
Single Premium (13/05/1993) payment of £16,000
Surrender Value Paid (30/05/2023) payment of £70,280.64
Less Previously Notified N/A
Amount of Chargeable Gain arising £54,280.64

Any notional tax credit?

Generally not shown on a certificate. 

Any I've seen in the past would have 'Tax treated as Paid' - Yes or No

Yes - I meant that the amount of notional tax credit is generally not shown. 

Dr_Dr

Nothing else was shown on the document. No withdrawals had ever been made prior to surrender.

Dr_Dr

No, nothing else on certificate. There were never any withdrawls made.

Dr_Dr

No, nothing else on certificate. No withdrawls were made prior to surrender.
I am still desperate to see the calculation ...

[Deleted User]

[Deleted User] said:

Dazed_and_C0nfused said:

Dr_Dr said:

Well I finally received the Certificate of Chargeable Gain
It shows ...
Single Premium (13/05/1993) payment of £16,000
Surrender Value Paid (30/05/2023) payment of £70,280.64
Less Previously Notified N/A
Amount of Chargeable Gain arising £54,280.64

Any notional tax credit?

Generally not shown on a certificate. 

Looks to me like 5% withdrawals made every year?

Quite simply it is the surrender proceeds (£70.280.64 less total invested (£16000) equals £54280.64. 

Here is another example:

https://www.rl360adviser.com/planning/chargeable-events/calculation-liability.htm

Dr_Dr

was no mention of notional tax credit
no withdrawals were made in the 30 years held, until surrender.
sorry for delay in answering, but whatever I posted disappeared.
I am still desperate to see a full calculation sequence
Yes, it is the surrender value minus total invested
I now see why I could not see my previous entries - did not realise I had to go to page 2!
I am as useless at this as working out the tax!

[Deleted User]

Dr_Dr said:

was no mention of notional tax credit
no withdrawals were made in the 30 years held, until surrender.
sorry for delay in answering, but whatever I posted disappeared.
I am still desperate to see a full calculation sequence
Yes, it is the surrender value minus total invested

I’m not sure what else that I can provide. 

My posts of 9th May at 6.16 pm and 10.23 pm outlines what is required. 

Dr_Dr

Ferro, thanks for your help. I am sure that you have provided everything, but what is clear to you, is not for me.
I did hope that someone would demonstrate the sequence of making the calculation and a final result with the information I provided.

[Deleted User]

Enter the whole gain in

‘Other Income not included in Supplementary pages’ section. 

Calculate your liability with no adjustments. 

The top slice is 1809 which is the total gain divided by 30. Now calculate your liability by removing the 54280 and entering 1809 instead. The difference is the TSR due. 

On your return re-enter the FULL gain and in the additional information now detail that you wish to claim top slicing relief as I have indicated.