CGT loss to offset 'chargeable gain' on sale of investment bond

Hello, I have an investment bond that I purchased >20 years ago, currently valued at £25,000. I want to take out 5% (£1,250) of this amount this tax year. As I am a higher rate tax payer do I have to pay a chargeable gain on the £1,250 taken out; or can I use accumulated CGT losses of circa. £10,000 from sale of shares in previous tax years to offset this? In other words, is CGT the same as 'chargeable gain' on selling a portion of my investment bond? Thank you.

Hi sultana,
You will need to declare the chargeable event and pay tax on this.
This is not the same as a capital gain so you cannot claim capital losses against  this.
Thank you.