Life assurance gains

This screen allows the entry of chargeable event gains on life assurance policies. For policies owned jointly, enter only the client’s portion of the gain. For HMRC guidance see Helpsheet 320 – Gains on UK life insurance policies.

When multiple chargeable event gains are entered, Taxfiler will perform the necessary calculations to ensure the correct gains are reported to HMRC. Where multiple gains exist HMRC may require that the number of years fields of the tax return are left blank and the full details of all gains are included in the additional white space notes. Taxfiler will follow the HMRC guidelines in order to ensure that the notes are created correctly and the overall calculated gain submitted to HMRC is correct. You can view the tax return to see what data Taxfiler includes on the SA101 return boxes and the white space notes.

Taxfiler automatically computes any Top Slicing Relief due and this will be included in the tax calculation.

Life assurance gains

All of the required entries should be provided on the certificate from the insurer.

• Date of chargeable event – enter the date of the chargeable event giving rise to the gain. Only gains falling in the current tax year should be included.
• Policy and event details – enter a brief description of the event giving rise to the gain.
• Number of years – input the number of years since the policy was taken out, or since the last gain (whichever is lower).
• Amount of gain – enter the amount of the gain, as given on the event certificate.
• Tax treated as paid – if tax has been treated as paid on the gain, enter the amount. If no tax has been treated as paid, leave this column empty.

To delete a line from the grid, click the ‘trash can‘ button at the end of the line.

Gains from voided ISAs

Enter details of gains made where an ISA including a life policy is made void. All of the required entries should be provided on the certificate from the insurer.

• Date of chargeable event – enter the date of the chargeable event giving rise to the gain. Only gains falling in the current tax year should be included.
• Policy details – enter a brief description of the policy.
• Number of years – input the number of years since the policy was taken out, or since the last gain (whichever is lower).
• Amount of gain – enter the amount of the gain, as given on the event certificate.
• Tax treated as paid – enter the amount of tax treated as paid.

Deficiency relief

Enter details of any deficiency relief that can be claimed.

• Description – enter a brief description of the circumstances causing the relief to arise.
• Amount- enter the amount of relief being claimed.

To delete a line from a grid, click the ‘trash can‘ button at the end of the line.