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Posted Wed, 03 Jul 2024 19:27:00 GMT by Peter
Should CGT on stock investment be reported as multiple chargeable event gains in paper format? Or only insurance policy related gain to be reported as multiple chargeable event gains?
Posted Mon, 08 Jul 2024 11:34:17 GMT by HMRC Admin 10 Response
Hi
Capital gains on stock investments is not the same as chargeable event gain.  A chargeable event gain is deemed to form part of the chargeable person’s income. In the case of a full surrender, assignment, death or maturity the gain will be assessed for the chargeable period, tax year or accounting period, in which the event happened. Special rules apply to part surrenders or assignments, involving the concept of an ’insurance year’ at whose end the gain is treated as arising.  The tax charge on chargeable event gains takes precedence over any possible charge on capital gains, and so is taxed under income as interest.

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