Nick
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RE: Chargeable Event Certificate
Hi (I hope I'm posting this in the correct place as it says post a reply as opposed to post a question). Chargeable Event Certificate question: I have an International Investment Portfolio (IIP) which is a unit linked Whole of Life Assurance Policy in the Isle of Man which I want to surrender. I am told by the IIP company that they do not calculate what a chargeable gain may be if I surrender, but basically told me how to calculate the gain – it’d be under £4,000. The financial advisors who originally sold me the policy are based in the Isle of Man and can no longer advise UK residents, but say that their understanding is that this policy doesn’t require a chargeable gain certificate and it is definitely not something they’d produce, that would be the responsibility of the IIP company. So I feel I’m going round in circles here. My question is – do I actually need a chargeable gain certificate or can I work that out by myself, or do I need to get a tax accountant to definitely say either way. It seems that given the gain is less than £10,000 then I don’t need to do a self assessment? I have just retired so was in the 40% higher tax bracket before I retired in September (but will be at the 20% income tax once my various pensions kick in) so I will have to start doing a self assessment now that I’m retired.