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Cashing Income Bonds
Whittard2025
Posts: 7 Forumite
Hi
My Mum had some Bonds that produce a monthly income, but due to her possibly having to go into a home, we may have to cash these in.
My Mum had some Bonds that produce a monthly income, but due to her possibly having to go into a home, we may have to cash these in.
From what I understand, if we do this, then they are liable got income tax?
Looking for some advice with what is best, and if this is the case.
Thanks
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Comments
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From what I understand, if we do this, then they are liable got income tax?Depends on what you mean by income bonds. Can you give us more details on what they are?
i.e. is NS&I Income Bonds, Investment bonds, Unit Trusts in bonds paying an income, In an ISA or not in an ISA etc?
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.1 -
Want to say investment bond.Definitely not ns&i or isa.0
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That looks like it.1
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Investment bonds are exempt from local authority care means test. If you surrender the bond, then the local authority will take the surrender value into account.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.1
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