Bond chargeable event gain calculations

HMRC has confirmed that the changes to the calculation of top-slicing relief introduced in the March Budget are being applied, by concession, to gains incurred in the whole of the 2019/20 tax year and not just those arising from Budget date onwards (11 March 2020). In a later announcement, it now seems that the changes are being backdated even further to include 2018/19.

The new measure introduces new rules allowing reduced personal allowances to be recalculated within the calculation for top-slicing relief (TSR). The original policy intent of top slicing relief was to provide relief to taxpayers who have become subject to a higher rate of tax as a result of a gain being included in their income.

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