Any IFAs on here?

[Cousin Jack]

Any IFAs (or other knowledgeable people) able to offer help on how to calculate tax due after top slicing relief on a chargeable gain?

Long story short. Invested a sum of money a long time ago in an Insurance type product. Sold it recently, assumed I would be liable for Capital Gains Tax, and fcuked up. Rules on insurance gains are different and my CGT avoidance screwed up big time. I now have a Chargeable Gain liable to Income Tax, that I could have avoided with a bit more knowledge and better planning on my part, and am trying to calculate how much tax I will actually pay on it.

I am actually trying to follow the steps shown in the HMRC manual, specifically IPTM3840, and am getting somewhat confused.

[Count Steer]

I have absolutely no idea...even less after reading the HMRC manual! It's byzantine.

(I read it out of interest 'cos I thought insurance policies like endowment mortgage related ones and life policies were 'tax free' ie not income as such).

Intrigued by 'insurance type product'.

[Cousin Jack]

Distribution bond, structured as 100 identical whole life policies in joint names, to pay out on the last death. Not really insurance at all, except for tax purposes.

And yes, 'byzantine' is a very good description!