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Most gains are chargeable in full, some gains may be reduced by a period of residence outside the UK. If any foreign tax has been paid by the insurer this cannot be reclaimed. Top-slicing relief will be computed automatically, where applicable.
LIFE COMPANY - enter the name of the provider.
Policy - enter the policy details.
Country - enter the country the income comes from. The code filed must be completed in order to save this record and this information is displayed on the Return.
Term (in years) - the term is important as a term of more than one year may give rise to top-slicing relief. The term will be the number of complete years since the insurance was made, or if a partial withdrawal, the number of years since the previous partial withdrawal. If the gain is reduced by a period of residence outside the UK, the term is also reduced.
Notional tax deducted (Y/N) - in some cases notional tax is deemed to have been deducted at the basic rate. If so enter Y in this field. Notional tax is not refundable.
Date received - this is for information purposes only and may be left blank.
If there is any corresponding deficiency relief relating to one of these polices, the amount should be entered via Gains on life assurance policies or chargeable event certificates.
