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The key step when deciding who pays the tax on a gain under an investment bond is to establish who the owners of the bond are when the gain arises. The tax treatment then depends on whether the bond is individually owned or held under a trust / the type of trust.
Qualifying policies. These policies are not subject to Income Tax but under the Taxation of Chargeable Gains Act 1992 the receipt of benefit by the investor in the event of death, maturity, surrender or subsequent sale will give rise to a disposal for Capital Gains Tax purposes.he profit (chargeable event) is subject to Income Tax at the marginal rate, which is the difference between higher and basic rate tax (40%-22%=18%) as at April 2001. Tax is applicable to the maturity figure less all premiums paid since inception of the policy. The proceeds will be tax-free to basic rate tax payers.