Gain from Indian insurance policy

I have taken an insurance policy in India around 18 year back before I became a UK citizen. That insurance policy is now going to matured. If there is any gain, how I should report that in in my UK self assessment tax return (i.e. Capital gain or income) ? Please note that I am not planning to move that money into UK as yet. Do I still need to report ? While calculating the gain, how to calculate the policy purchase cost? i.e. which NAV I should use, is it the NAV on the day when the policy was purchased or on the day when I became UK citizen ?

Hi,

The policy provider should give you a certificate when the policy matures or is surrendered. Where there is a gain, this will be shown along with the amount paid out. The gain is the amount after payments made to the policy have been deducted. You can see guidance below for more information:

Gains on foreign life insurance policies (Self Assessment helpsheet HS321)

Thank you.