Chargeable Event Certificate and General Investment Account

Dear Sir/Madam As a Sole trader i will be completing my Self Assessment Tax Return. My Aunt passed away and her estate has gone through probate. She had a Policy registered in the Isle of Man which has been closed and cashed which has produced a Chargeable Event Certificate in my name. My query is the amount on the certificate and the amount i received to my bank is different, the amount to my bank being greater, which figure do i use on my return and where /what line do i input it to.The amount is below £10.000. Also i have a General Investment Account, where do i show the gain to my account in that tax year that i have not withdrawn ( realised ) on the self assessment report. Any help would be greatly appreciated

Hi,

The chargeable event certifiate will show the amount that the policy paid out, the gain arising from the policy, the notional tax paid and the number of years the policy was held. In your tax return you would declare the gain and the number of years the policy was held on SA101 in the section 'gains from life insurance policies...'.

Thank you.

Hi, My chargeable event certificate does not show what you describe. This was a policy held by my aunt and i believe other family members where named on it. We have all received our share when it was cashed upon her passing through her solicitor. My Certificate only shows Policy Number, Policy Holder Name Residential Address Event date Event type. Individual Policy Surrender Value of Event Number of years Date of certificate issue It does not show the other information you mention, the certificate is from an Overseas Insurer. Can i also ask for clarification on my second question re the General Investment Account Gains not withdrawn. Many Thanks

Hi,
The value of the event would be your share and you also declare the number of years. for the general investment account, if this is a normal savings account, you will declare as interest. if it is a 'trading' account for shares etc, this will be a capital gain.
Thank you.