SIPP tax relief on chargeable gains on non-qualifying life assurance policy

Hello, I am retired and my current income is below the personal allowance. I have a term life assurance policy which I propose to surrender. This would arise in gains which the provider (Reassure) will tax as income. Could you please advise me whether I could expect any tax rebate if I made a SIPP contribution equivalent to the income tax deducted. Thanks!

Hi Vans Vans,
Yes, pay from employments and foreign income is what your tax is based on.
For relief on pensions please see previous reply.
Thank you. 

 

Hi Leo LeLion,
Unlikely, the surrender of the life insurance policy will tax the income as notional tax that is not refundable and as you state your current income is below the personal allowances then no income tax will have been deducted for a refund to be due.
Thank you.