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
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.
Chargeable events support
- Chargeable gains calculator
- Guide to using the chargeable event gains - income tax calculator
- Chargeable event gains – income tax calculator
Last Updated: July 2021
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The information provided in this article is not intended to offer advice.
It is based on Quilter's interpretation of the relevant law and is correct at the date shown. While we believe this interpretation to be correct, we cannot guarantee it. Quilter cannot accept any responsibility for any action taken or refrained from being taken as a result of the information contained in this article.