UK Tax

UK Tax Questions? Ask a UK Tax Advisor for answers ASAP

Ask an Expert,
Get an Answer ASAP!

UK Tax
This answer was rated:

I have just received a cheque for £15,700 which is the amount

of my grandmothers life assurance...
I have just received a cheque for £15,700 which is the amount of my grandmothers life assurance as I am the beneficiary. I am on working family tax credits as work part time and on low income. I have no idea how this is going to affect me and what I should do as I was never expecting this amount to be as much. They have enclosed a certificate of deduction of income tax and this amount was deducted and paid to the tax office so do I need to do anything else. What should of come as a nice surprise has suddenly thrown me into turmoil.
Show More
Show Less
Ask Your Own UK Tax Question
Answered in 2 minutes by:
11/20/2013
Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15,956
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Verified
Hi.

Can you tell me me what the gross, tax and net figures on the certificate of deduction of income are please.
Ask Your Own UK Tax Question
Customer reply replied 4 years ago

 


Nature of payment: Interest
Gross Interest: 2,997.00


Income tax deducted: £599.40


Net Payment: £2,397.60


 


The above is interest as my grandmother died 12 years ago and the policy was left unclaimed.


The basic claim value is: £12, 760.14 which hasn't been taxed.

Thanks.

Take a look here for information on what should be included in a tax credit renewal form.

You will need to disclose the interest payment in your tax credit form for the year in which it was paid to you. You can exclude the first £300 of income you receive from investments or savings but this income may be regarded by the tax credit office as "miscellaneous income" in which case, you should not deduct £300. See under the heading "What you should include as other income". If I were you, I'd call the tax credit office for clarification. Any interest you earn from depositing the money should be included less the first £300.

The balance of the payment is capital and is not taken into account for tax credit purposes.

i hope this helps but let me know if you have any further questions.
Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15,956
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Verified
Tony Tax and 87 other UK Tax Specialists are ready to help you
Ask your own question now
Ask Tony Tax Your Own Question
Tony Tax
Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15,956
15,956 Satisfied Customers
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.

Tony Tax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Sam

Sam

Accountant

6,512 satisfied customers

26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

bigduckontax

bigduckontax

Accountant

871 satisfied customers

FCCA FCMA CGMA ACIS

TEAP007

TEAP007

Tax Preparer

759 satisfied customers

Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years

Andrew Baker(baktax)

Andrew Baker(baktax)

Personal Tax Adviser

756 satisfied customers

35+ years experience in income tax, CGT, non-residence

berduchwal

berduchwal

Accountant

669 satisfied customers

Qualified accountant and bookkeeper running my own practice since 2008.

Clare

Clare

Solicitor

148 satisfied customers

25 years exeperience as a high street solcitor

Mrs-Tax

Mrs-Tax

Tax Adviser

59 satisfied customers

Law Degree, 19 years in UK Tax.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x