Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
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October Tax News
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
Simple Assessments
We have been priming you to expect a new type of personal tax assessment called “simple assessment” since 3 November 2016. We had understood that these new assessments would commence in August, but HMRC has confirmed that the first simple assessments will arrive with taxpayers this week.
Insurance Policy Gains
When the taxpayer has cashed in a premium life insurance policy or bond, this may create a “chargeable event gain”. This lump sum is taxed as the highest slice of the taxpayer’s income not as a capital gain.
Simple assessments
Insurance policy gains
When the taxpayer has cashed in a premium life insurance policy or bond, this may create a “chargeable event gain”. This lump sum is taxed as the highest slice of the taxpayer’s income not as a capital gain.