Foreign life assurance gains

Use this screen to enter gains on a foreign life insurance policy, foreign capital redemption policy or foreign life annuity.

For more information see HMRC Helpsheet 321 Gains on foreign 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 in the return boxes and the white space notes.

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

• 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.