HMRC guidance on recalculating ‘wholly disproportionate’ bond gains

Policyholders with ‘wholly disproportionate’ gains are able to apply to HMRC for their gains to be recalculated on a ‘just and reasonable’ basis.

The phrase ‘wholly disproportionate’ sets a high threshold. It is anticipated that there will be only very limited circumstances in which a gain will be regarded as wholly disproportionate and thus give rise to a recalculation.

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