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I have a problem with a chargeable event in completing my client’s 2011/12 tax return and would appreciate comments from readers.
My client is aged 76 and her income for the year was from pensions (£23 970) and investment income (£12 663). She made gift aid payments of £1 123 (£1 405 gross).
In addition she has a chargeable event gain of £79 498 which has arisen over 21 years.
The gain has therefore arisen at the rate of £3 785 a year and if I include that as the gain over one year there is no higher-rate tax payable.
My computer software has however produced income tax payable of £17 852 after the total has been added to income as top-slicing relief of only £2.60 has been given. One effect of adding the total to income is the reduction of personal allowance to £112.
...Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
