Investment Bonds, Death, Chargable Event Gains, Top Slicing, SA101

Hello, My mother passed in August, she was previously paying tax on pension and savings interest through PAYE. However she also had a number of investment bonds (all held for 15 years) and upon death the total gains exceeded £100000. I've been doing my homework, please could someone confirm my understanding. After requesting UTR, I need to complete Self Assessment forms SA100 and SA101. All bonds were for 15 years, do I just add total gains and enter the number into 'box 4'? I need to calculate Top Slicing Relief according to methods found on IPTM3850. Is this number entered into 'box 11', labelled 'deficiency relief'? Is there a box or question on form SA100 to indicate that form SA101 has been included? Thank you

My experience is that you will receive chargeable gain certificates from the manager of the investment bond. Sometimes they arrive very quickly, sometimes they take much longer. I suggest ringing HMRC and suggesting that you want to complete SA100 and SA101. This might save months of slow decision making. Add together all the gains, and enter that number on SA101. Make a table of the investment bond managers, numbers, gains, assumed taxes, and years and write it into the "Other Information" box on SA100. Don't do any top-slicing calculations yourself. These are done by HMRC. Will it work? Don't know. We post our SA100/SA101 forms tomorrow.

Thanks for taking the time to reply. All but one of the Investment bonds provided gain certificates upon receipt of the death notice. Without that certificate it took me ages to work out what sort of financial product I was looking at. I called the tax office, they told me I need to do the top slicing calculations myself, in his words "Its called called SELF assessment for a reason". Maybe i misunderstood, this does go against advice given by admin on these forums. There are, however, forum posts from users here, who didn't receive the expected top slicing relief. I followed the worked examples from IPTM3850, the calculation wasn't too complicated, just got to turn on the 'jargon reading' part of my brain. Good Luck

Careful, deficiency relief and top slicing relief are different reliefs, don't mix up figures between the two. My impression (never having done it myself, but trying to work out the details in expectation of needing to in a future year) is that there is no box within the return itself for the amount of top slicing relief. Rather, the boxes in SA101 take the total gain, and the years over which it is to be sliced. Calculation, as I understand it, would happen when/if completing a SA110 Tax calculation summary, although I've only ever filed online and had the website do the calculations for me. There is a (fiendishly complex) worksheet in the SA110 notes which may be useful for helping clarify parts of the process even if you don't use it in full. I don't know whether if your position, you're required to submit a SA110, or can just submit without it and let HMRC do the calculations.

Hi ,
 

You dont work out the top slicing relief as we will do that when the return is processed. You will need to give details of each chargeable event in respect of gain received and the number of years . Thank you