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Posted Thu, 09 Jan 2025 12:15:31 GMT by Oli K
My son will shortly be receiving a chargeable gain certificate in respect of a UK life policy and he needs to know what to do with it. His taxable income in 2024/25 before the chargeable gain will be about £45,500, including about £4,000 in savings interest. The chargeable gain will be about £5,500. He is not registered for self-assessment. The policy was taken out in January 2001, and no withdrawals have been made since then, so it would appear that he is eligible for top slicing relief. On the face of it, he doesn’t need to register for self-assessment and when TSR is taken into account he would not be a higher rate tax payer. How does he advise HMRC of the chargeable gain, and what does he need to do in respect of claiming TSR?
Posted Thu, 23 Jan 2025 17:27:48 GMT by HMRC Admin 20 Response
Hi,
He should send in a copy of the chargeable event certificate when he gets it and we will review to consider the TSR and any potential liability.
This should be sent to
HMRC  
PAYE & Self Assessment
BX9 1AS
Thank you.

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