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Posted Tue, 10 Oct 2023 14:14:20 GMT by
I have completed IHT400 & now received the Grant of Probate on my dad's estate , but cashing in an Offshore Life Investment Bond (no choice - has to be closed) has created a Chargeable Event. What forms (online hopefully) do I need to complete to log this as income for the year? Although he was only here for just over 2 months of this Tax year, the amount will take his income (this plus pension) over the tax threshold so I presume there will be tax to pay. Is there any allowance/reduction to be claimed as the investment/policy ran for 12 years? It was a joint policy until Mum died last year - they made no withdrawals during the policy.
Posted Tue, 17 Oct 2023 07:52:42 GMT by HMRC Admin 19 Response
Hi,

You can see guidance here:

HS321 Gains on foreign life insurance policies (2023)

You will need to send the certificate to HMRC for any liability to be confirmed.

Thank you.

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