Hi there
wondering if anyone can advise on this.
Have a Prudential investment bond , paid in 6k over 24 rears ago. no withdrawals to date and now worth 20K.
If i wish to take out 10K, i believe i can carry forward an allowance of 5% on initial investment i.e 6K .
How will the extra 4K be treated?. Will I have to pay tax on this, if currently a nil rate tax payer. ?
Also If i subsequently withdraw again another 5K in same tax year will i need to fill in a self assessment tax form as gains over 10K (does this include the 6K i can use as my 5% allowances )---- really don't want this hastle!
Hope thats clear ... would be grateful if someone could shed light, i have tried to ask prudential, but the person i talked to didn't have a clue !!
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