On line tax forms

[Speicher]

Yes there is an option to print when you get to the end, you can also down load pdf of your tax return (which has "Copy only, Do Not send to HMRC" printed across it) for your records...

Thank you HJ. I had expected an option to print, before I got to the end, to proof read my figures. So I can also download a pdf, and save it.
As it is, I have printed each page separately.

 

[Speicher]

What type of policy?

It is a sort of savings policy - Assurance, not insurance.

 

[BigonaBianchi]

erm.. do you have a chargeable event certificate following an encashment?

Life assurance plans/endowments etc (for the mostpart) have tax already paid within the plan but I think there could be an additional liability to tax if you were a higher rate taxpayer. I think the gain made would be added to your income from other sources for tax purposes.

But I'm a guitarist...

 

[Speicher]

I receive a Chargeable Event Certificate each year. I am definitely not a higher rate tax payer. I think, in the case of this policy, it is to do with how the money is invested by the Assurance company.

Accountantpete has clarified it for me by explaining that the sum involved falls into the category of Life Assurance gains, and not any other sort of gain. I knew I was in the wrong section when it started asking about the sliding scale of thingymajiggs and wotnots.

 

[BigonaBianchi]

How are they investing you then? I am assuming this is a wrapper product like a bond or a regular premium whole of life or endowment of some kind? Or is it a unit trust plan/OEIC or something like that held outside of a 'packaged wrapper'?

Cant see that you'll have an additional tax liabilty unless there is anything else going on like sale of second home, unit trusts outside of ISA gains/income etc

Just my thoughts fwiw

 

[rich p]

If you don't tell them, how do they find out?

 

[BigonaBianchi]

If you don't tell them, how do they find out?

You are now officially qualified as a financial adviser mate

 

[Speicher]

How are they investing you then? I am assuming this is a wrapper product like a bond or a regular premium whole of life or endowment of some kind? Or is it a unit trust plan/OEIC or something like that held outside of a 'packaged wrapper'?

Cant see that you'll have an additional tax liabilty unless there is anything else going on like sale of second home, unit trusts outside of ISA gains/income etc

Just my thoughts fwiw

I do not know why the Policy needs a Chargeable Event Certificate. On the paper tax form it was "simples" with a section for Life Assurance Gains. The problem I have encountered is finding the right box on the on-line form.

I do not think I have an "additional liability" for tax, just that the Inland Revenue likes to send me these forms.

Rich P, I tell them about this, because I do not want the possible hassle of being investigated if Hmrc find an inconsistency, but that is me being cautious.

Now it is time for me to retire.

 

[Speicher]

Finished the tax return, and printed off a copy and saved a copy. Just need to proof read it, and submit it.

I do not why I could not see the relevant section in the first place. Thanks to Accountantpete for reassuring me that it was there.

I just hope they never ask me to quote the 32 digit reference number at top of the page.

Yes, 3BM it is extremely . I will be taking the rest of the day off!

 

[accountantpete]

Finished the tax return, and printed off a copy and saved a copy. Just need to proof read it, and submit it.

I wouldn't count my chickens just yet - submitting can (rarely it must be said) be a nightmare!

 

[Speicher]

There is still eleven days.