Life assurance gains section (SA100)
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. See HMRC helpsheet 320 Gains on UK life insurance policies.
IRIS Elements Tax and Accounts 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:
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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.
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Policy and event details – enter a brief description of the event giving rise to the gain.
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Number of years – input the number of years since the policy was taken out, or since the last gain (whichever is lower).
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Amount of gain – enter the amount of the gain, as given on the event certificate.
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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, select the ‘trash can‘ icon 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.
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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.
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Policy details – enter a brief description of the policy.
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Number of years – input the number of years since the policy was taken out, or since the last gain (whichever is lower).
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Amount of gain – enter the amount of the gain, as given on the event certificate.
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Tax treated as paid – enter the amount of tax treated as paid.
Deficiency relief
Enter details of any deficiency relief that can be claimed:
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Description – enter a brief description of the circumstances causing the relief to arise.
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Amount- enter the amount of relief being claimed.
To delete a line from a grid, select the ‘trash can‘ icon at the end of the line.