Foreign insurance

Hi, I have a foreign insurance with interest and premium during the tax year. However, I have never withdrew the money during the tax year and it has not yet matured. I am NOT claiming remittance basis. In my understanding, I still need to declare it on SA106 box 43,44 & 45 and pay tax on the interest and premium for my foreign insurance during the tax year even if I have never withdrew the money during the tax year and it has not yet matured? Am I correct? Thanks for your help.

Hi,

Gains from foreign life insurance policies, capital redemption policies and life annuity contracts would only be subject to tax on maturity or being cashed in early.  

The policy provider is most likly to provide you with a chargeable event certificate.  

Have a look at the helpsheet HS321, which can be found at:

HS321 Gains on foreign life insurance policies (2022)

Thank you.
 

Hi Thanks for your reply. Then do I still need to declare the interest or premium if I have never withdrew the money during the tax year and it has not yet matured? Thanks

Hi,

Yes, you need to declare the interest that is applied to the 'pot' each tax year.

Thank you.