Death, Investment bonds, Chargeable Gains, Top Slicing and Income Tax

[Deleted User]

Twisted_Melon said:

Does this automatic completion of the top slicing calculation also happen when a form is returned by post, as required after death?

My conversation with HMRC went something like this.

Me: So I need to complete forms SA100 and SA101

HMRC: Yes

Me: I believe, some top slicing relief is due, is that calculated by you?

HMRC: No

Me: .....? You mean, I have get an accountant or do that complicated calculation myself.

HMRC: That's up to you.

Me:....Oh!

HMRC: It's called 'self' assessment for a reason. 

....

Perhaps I was dreaming, his voice had that over-confident, arrogant tone of someone you shouldn't trust.

I will call them again closer to the time of submission, some of these investment companies are dragging their feet.

Thanks again

With the greatest respect to my former colleagues in HMRC (long time ago), I doubt that the average call handler would have sufficient knowledge on chargeable events and the utilisation of top slicing relief. 

Bobziz

The call handler is wrong. On SA101, complete questions 4 & 5 in the section about gains from life insurance policies. This information should be on the chargeable event certificate from the insurance company. HMRC will do the top slicing relief calculation.

If you do want to do the calculation yourself to confirm the result, then I found this tool easy to use. Certainly no need to use an accountant.

https://www.quilter.com/help-and-support/tools/chargeable-event-gain-calculator/?Region=uk&Role=adv