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.

Using income losses against capital gains

Firstly, please ensure that you are making the best use of the losses before proceeding. Select the Capital gains tab from the data input screen Click on the Disposals tab, and enter the relevant information Click on the Capital Losses tab, and enter the amount of loss that you wish to set off against the […]

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Restricting access to clients

This feature is only available for multiuser accounts, it has been designed so that you can restrict user access for certain clients if required. Users with “edit client access” rights AND who have access to a client can assign or remove access rights via the Access tab on the client screen. The default is that […]

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User restrictions within Taxfiler

This function is only available for a multiuser license. Some functions within Taxfiler can be restricted from a user. From the SETTINGS icon select Users and select the user that you wish to edit Select Restrictions tab You will be presented with several functions which can be selected or removed via a tick box. For […]

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