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Declaring sold units of a Life Assurance Bond


Jackie

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I note that when we did use an accountant to complete the tax return he put the sale of units figure from our CMI Premier bond in section II Plus-Values on page 1 of form 2047 and not in 2B with Building Society Interests and, I assume, premium bond prizes. He then transferred the figure from page 1 of 2047 to box VG on form 2042. Other interests were transferred from 2B TS 2047 to box TS 2042.
From the forms I note that the tax rate for Plus-Values is 16% which I assume is a different rate than that for Building Society interest say. My question is was he right or can I just treat profits on sale of Bond units as if they were building society interest?
Siddalls send a letter each year saying how much we should declare on the sale of CMI units and indicate this sum should be entered in TR and not VG so which is right? Had no response so far from Siddalls on this question which I put to them by email . Have also sent an email to infotax-southwest@dgi.finances.gouv.fr and will report their reply if anyone is interested..............................J

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The reply:

What is the amount of interests?

Is the bond more than 8 years old?

Pierre Vergne inspecteur départemental des Impôts

 

The bond Commencement date is 21 June 2001. Siddalls have sent us a letter to declare XYZ Euros for tax year 2007.

 

So you put XYZ in box TS

 

So it looks as if we add it to Building Society interest etc and put it in TS on both forms. Not sure what the significance is of the question "Is the bond more than 8 years old? " Maybe I will ask next year. As with others the response was very quick so I don't know how right he is but he sure is helpful as are Siddalls who have also replied to my emails......................J

 

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  • 2 months later...

I am also the owner of a CMI Premier Bond, purchased through Siddalls in 2002.  I am now planning to surrender the bond entirely, never having taken a penny from it, and put the cash to better use elsewhere.  Was staggered to hear from Siddalls that I can expect to pay our marginal rate of tax plus the 11% Social Contributions on the (pitiful) gain.  Is this really the case?  I thought it would be treated in the same way as an Assurance Vie, or possibly just as a Capital Gain.

Any advice/comments welcome (but please be kind[:)] - I am reeling a bit already!)

Chrissie (81)

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