My dad has a few with-profits bonds he is considering selling, but wanted to check what CGT liabilities he may face.
He has had all of the policies >20 yrs and the 'gains' he has made would take him over the 10.6k annual CGT limit, if this applies.
He is retiring in april and is currently a basic rate tax payer.
Would CGT apply, or does this depend on his taxable income or is there some sort of exemption for with profits bonds? (note he has never drawn an income from the bonds).
Many thanks
He has had all of the policies >20 yrs and the 'gains' he has made would take him over the 10.6k annual CGT limit, if this applies.
He is retiring in april and is currently a basic rate tax payer.
Would CGT apply, or does this depend on his taxable income or is there some sort of exemption for with profits bonds? (note he has never drawn an income from the bonds).
Many thanks