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  • Advising HMRC of chargeable gain and receiving top slicing relief

    My son will shortly be receiving a chargeable gain certificate in respect of a UK life policy and he needs to know what to do with it. His taxable income in 2024/25 before the chargeable gain will be about £45,500, including about £4,000 in savings interest. The chargeable gain will be about £5,500. He is not registered for self-assessment. The policy was taken out in January 2001, and no withdrawals have been made since then, so it would appear that he is eligible for top slicing relief. On the face of it, he doesn’t need to register for self-assessment and when TSR is taken into account he would not be a higher rate tax payer. How does he advise HMRC of the chargeable gain, and what does he need to do in respect of claiming TSR?