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Posted Tue, 24 Jan 2023 16:54:36 GMT by Mickey1976 David
I have an old investment policy with Generali in Ireland (Dublin) that has done very badly. I want to cash it in and transfer the funds to the UK. I will then use the funds to invest in in an ISA. Do I need to pay tax when transferring the funds (about £30K) to the UK or declare it to HMRC? I seem to have made no gains on the policy. Thank you for any advice.
Posted Thu, 26 Jan 2023 14:33:03 GMT by HMRC Admin 20
Hi Mickey1976 David,

Have a look at the guidance at: HS321 Gains on foreign life insurance policies (2022),
as the type of policy may affect whether you have to pay income tax.

Thank you.

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