We’ve broken down the complex subject of chargeable events into, easy to digest, quick reference guides. These guides cover the need-to-know facts and provide examples of the method.
Quick reference guide 1 – Who is assessable?
This flowchart will enable you to identify the party who will be taxable for chargeable event gains for an Onshore or Offshore investment bond.
Quick reference guide 2 – Partial withdrawals (5% tax deferred allowance)
This guide will provide you with an understanding of excess gains caused by partial withdrawals from onshore or offshore investment bonds.
Quick reference guide 3 – Individual policy (segment) surrenders
This guide will provide you with an understanding of individual policy surrenders for Onshore or Offshore investment bonds.
Quick reference guide 4 - Full bond surrenders
This guide will provide you with an understanding of full bond surrenders for Onshore or Offshore investment bonds.
Quick reference guide 5 - Top slicing relief
This guide will provide you with an understanding of top slicing relief for Onshore or Offshore investment bonds.
Quick reference guide 6 – Time Apportionment Relief
This guide will provide you with an understanding of time apportionment relief for Onshore and Offshore investment bonds.
Quick reference guide 7 – Multiple Chargeable Events in the Same Tax Year
This guide will provide you with an understanding of how multiple gains from Onshore and/or Offshore investment bonds in the same tax year are treated for income tax purposes.
Quick reference guide 8 – Deficiency relief
This guide will provide you with an understanding of deficiency relief, when it applies and how to calculate it.
Quick reference guide 9 - Taxation of Investment Bonds following death
This guide is designed to help you identify if the death of an owner or life assured will trigger a chargeable event and, if it does, where the tax liability will fall.
Quick reference guide 10 - Taxation of investment bonds – bonds held by trustees
This guide provides an overview of the tax which applies to bond owned by trustees.