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The type of income is the same as Gains on Life Assurance Policies (Detail) but this is a simplified format which uses the chargeable event certificate, issued by the Life Assurance Company, as the input document. More information about these policies and there taxation is given under the description for detailed data entry.
LIFE COMPANY - enter the name of the provider
Policy - enter the policy details
Amount on chargeable event certificate - enter the amount of gain- tis information should be shown on the chargeable event certificate.
Term (in years) since previous event - the term must be entered if IRIS is to compute any top-slicing relief due. The information should be shown on the chargeable event certificate.
Notional tax deducted (Y/N) - most gains from UK insurances are treated as having been taxed at the basic rate. Enter Y in the notional tax field. Gains from certain life annuities and friendly societies' tax exempt policies are not treated as having been taxed at the basic rate. Enter N in the notional tax field. Any notional tax, which is calculated automatically by IRIS, is non-refundable. The information provided by the company should indicate whether the income has been treated as taxed at the basic rate.
Corresponding deficiency relief - enter the amount of relief claimed, click here for more details on this type of relief.
Date received - this is for information purposes and may be left blank.
