39 Flashcards
(1 cards)
1
Q
Georgio arranged an investment bond for £100,000 when he was a higher-rate tax-payer to fund his long-term care. He had withdrawn 5% each year and encashed the bond after 10 years when the value of the bond was £50,000. How much of the bond was chargeable to tax, assuming he had a taxable income of £10,000 at the time of encashment?
A None.
B £25,000.
C £50,000.
D £100,000
A
A None.
