sultana

Hello, I have an investment bond that I purchased >20 years ago, currently valued at £25,000. I want to take out 5% (£1,250) of this amount this tax year. As I am a higher rate tax payer do I have to pay a chargeable gain on the £1,250 taken out; or can I use accumulated CGT losses of circa. £10,000 from sale of shares in previous tax years to offset this? In other words, is CGT the same as 'chargeable gain' on selling a portion of my investment bond? Thank you.

I was listening to a popular money programme on the radio where there was discussion about tax on interest from fixed-term deposit cash savings. Can you please clarify whether annual interest accrued in the account should be declared on SA100, even if the FD term is, say, 3-5 years and has not matured?

Hello, My mother lives abroad and can no-longer manage her personal/financial affairs. I have been granted Power of Attorney (POA). She has an overseas bank account with the equivalent of GBP10,000, earning 2% per annum (i.e. GBP 200) a year. The account covers her medical and nursing expenses. I have not benefited financially from this account. 2 questions: a. Do I have to declare the interest earned on my mother's foreign account, now that I have POA, even if it is used solely for my mother's care? b. If this is the case, which SA100 section or form do I need to complete? Thank you.

Thank you. Please can you tell me how I inform HMRC if, instead, I make a CGT loss on the sale of shares that I wish to carry forward for 2023/24? For example, do I simply keep a personal record of the loss/es or is there a section in SA100 to make a note of this for tax year 2022/23 so that it can be carried forward to 2023/24?

Hello, Can I check if I've correctly understood HMRC guidance on calculating CGT on share sales? I've recently sold all my shareholding in <UK plc> for £5,000. I initially bought them 10 years ago for £2,000 and during that time participated in the company's dividend reinvestment plan (DRIP), acquiring additional shares worth a total of £1,500. Assuming no other CGT gains (or losses carried forward): Sale of shares = £5,000 Acquisition cost = £2,000 (initial purchase) + £1,500 (DRIP) = £3,500 Capital gain = £5,000 - 3,500 = £1,500 As this is within the CGT allowance of £12,300, I won't need to enter the above for CGT reporting in SA100. Is this correct? Thank you.