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Posted Wed, 10 Jan 2024 13:09:25 GMT by
Hi, I'm yet to find a clear answer on the relationship between P60 Income and how cashing in SAYE shares is calculated on high income child benefit tax. For Example; P60 has an income of £50,000 through PAYE. SAYE of £15,000 invested results in £30,000 when shares cashed in. Profit £15,000 and £9, 000 to pay the capital gains tax on. In Self-Assessment, would it then add the £15,000 to the £50,000 income of the P60, thus triggering a 100% repay of the child allowance, plus 40% tax, NI and also £1,800 (20%) Capital Gains tax? I'm assuming if I have paid CGT on the Profit, I should not also be paying a second 40% income tax, but how does it affect the High Income Child Benefit Tax calculation? Confused of Bexhill.
Posted Thu, 18 Jan 2024 09:13:37 GMT by HMRC Admin 25 Response
Hi kesrpaul,
The capital gains income will not be included for the adjusted net income for Higher Income Child Benefit Charge. HICBC. 
Thank you. 

 

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