US Charges Leaders of White Supremacist Group for Plotting Global Attacks via Telegram

[capeforever]

Hi,

Has anyone had any experience withdrawing from an LTF investment before the required period for the tax incentive has passed? As the tax incentive is already received, is there a withholding tax applied or would it be an adjustment to that year's tax calculation?

Thanks for any advice

[fletchsmile]

Never done it myself, as I wouldn't put money in I might need within 5 years, and would choose something else. Life can be unexpected though, so I guess it happens.

I can confrim that legally you lose the tax benefit.

How exactly they enforce that, whether deduction at source on giving you the money, or thru your tax return, is an interesting point. Two things to do if you don't get an answer on here from someone who's done this in the way you're looking for:

1) ask your current LTF provider - may solve your question there and then

2) get a second (and possibly 3rd opinion). From another LTF provider if you have more than one. Also worth asking a provider you don't have another LTF with and say you're thinking of taking out an LTF, but what if....

I'd recommend the second opinion, as thru general incompetence, not knowing what to do, too lazy etc you may not get the right answer. Also it's possible that the level of asset under management affects their bonus or commission, so you may get fobbed off.

Let us know how you go on

Cheers

Fletch

[Stef]

I did this mistake in 2012. In the annual statement your bank sends you at the beginning of the year, the amount you will have to declare as income will be indicated. I have added this amount in my tax return and the revenue department did not find anything wrong.

Hope this helps