Learn how to efficiently take money from an investment bond.
Canada Life investment bonds offer the facility to divide the premium into a series of identical policies.
Our bonds can be structured as a cluster of identical policies, giving clients greater flexibility when taking money from an investment bond.
This briefing note compares taking withdrawals across all policies by partial surrender with surrendering individual policies in full, highlighting the tax consequences, timing issues and impact on future 5% allowances when a full bond surrender or part surrender is made. It is intended to help you choose the most suitable method of encashment for your client in different scenarios, potentially reducing chargeable event gains and improving outcomes, as well as clarifying how onshore vs offshore bond taxation can differ when taking money from an investment bond.
Read more about how to take money from an investment bond
This briefing note has been designed to help you understand how top slicing relief is calculated for International and UK investment bonds where an individual is assessed for tax on the chargeable event gain (CEG).
Learn how to accurately calculate multiple chargeable gains with our comprehensive guide. Maximize your profits and avoid costly mistakes.
Learn how different types of income are taxed and how they fit into a client’s income tax calculation.
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*Whole of Life Assurance Policy or Capital Redemption Bond
