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Posted Sat, 16 Nov 2024 14:46:18 GMT by James Mall
I’m a basic rate tax payer and have made a full surrender of an investment bond giving a chargeable gain of £19,000. This additional income of £19,000 will make me a higher rate tax payer. However the bond has been held for 16 years, so top slice relief is available which makes the tax liability 0 on the bond. As there is no tax liability on the bond do I still need to register for self assessment? The chargeable event was on 06/11/24
Posted Tue, 19 Nov 2024 16:25:55 GMT by HMRC Admin 10 Response
Hi
As the chargeable event gain is over £10k, then yes you need to register for self assessment to ensure the correct top slicing relief is applied.

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