In June 2020, after 10 years of keeping it invested, I sold a stock and share investment and it was a policy from Insurer Scottish Widow Limited.
I then received a “Chargeable Event Certificate, as required under S552 ICTA1988” and I would like to know if I need to, as it would be the very first time in my life, do the Self Assessment form.
I am collecting all the related documentation, P60 etc., registered with Gateway for Self Assessment online etc..
I work part time with a salary below 12K . (£11168 as per last P60), and all my savings are in ISA and pension. I am 51 years of age.
The Chargeable event certificate 552 certificate says:
The amount of gain was £18457.00
AMOUNT OF TAX TREATED AS PAID ROUNDED UP £3692
TREATED AS PAID Y
Does it mean those taxes value £3692 have already been paid when I received the gain of £18457.00 at the moment of closing the investment last year?
Because I work part time with a salary below 12K I don’t pay income tax and:
Could you please tell me if a basic rate tax has been paid on the chargeable gain and therefore, me being a basic rate taxpayer, but I do not pay income tax because salary below 12K there are no further action required.
Does it mean there is no further action for me to do, just keep the certificate in a safe place,
or do I still need to do the Self assessment to show that I don’t go over my basic tax allowance?
or do I still need to pay £3692?. (and that is what worries me)
Could you please let me know the answer to my questions above? I hope they were clear to understand.
thanks
MIC51
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