twistedmelon

Some clarification would be appreciated. Thank you

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

Guidance 'HS320 Gains on UK life insurance policies (2022) ' Part 3 - Chargeable Events - Tax Reliefs Begins by stating "Top-slicing Relief You should ignore this section if you’re a trustee or a personal representative of a deceased person who is taxable on a gain. This is because in these circumstances, you’re not entitled to Top-Slicing Relief." "Personal representative of a deceased person who is taxable on gain. " How is someone supposed to read and understand this? a - A personal representative of a decreased person, the personal representative being taxable on gain. or b - A personal representative of a decreased person, the deceased personal being taxable on gain. I assume it is b, because looking at the following sentence, I'm not claiming top slicing relief, the deceased estate is claiming. i have also seen several websites from financial planners stating that top slicing relief is available. However some clarification would be appreciated. My mother died, she had investment bonds is top slicing relief available?

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

"The self assessment will calculate the top slicing relief for you." Is this correct? I was told on the telephone that I would have to do these calculations myself, or pay an accountant. He said it was called "Self" assessment for a reason.