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Posted Tue, 07 Nov 2023 16:03:11 GMT by
Hi - I took a loan from my Canadian life insurance policy. The policy is dated 1958, does this mean a gain is exempt as it was before 1968? (from helpsheet 321: Policies made before 20 March 1968 (and not changed after) will not give rise to gains. If your policy was made before that date but was changed after it, the policy may be treated as made after that date.) I was also charged withholding tax already in Canada. Do I still need to declare it on my UK tax return? Thanks!
Posted Wed, 08 Nov 2023 11:26:45 GMT by HMRC Admin 17

Hi,
 
As it was taken out before 20/3/68, no gain arises and doesn't need to be reported  .

Thank you 

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