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Posted Sun, 24 Sep 2023 21:26:03 GMT by KF@2023
I came from HK and resided in UK for 1 year. This is my first year to report tax duty to HMRC. Pls kindly advise on the following: (1) I have a matured annuity plan issued by a HK banking institution which payouts monthly to my Hong Kong account. Can I apply for a tax exemption using PLA6 Form (for the capital in put in) ? If needed, which part of the form and section should I fill in my tax return form in the first place and claim a refund (if applicable). How would HMRC treat it , as income or as dividend? (2) I have a life insurance policy (life and critical illness insurance) issued by a HK company, and I am still making contributions each year. The cash value and interest income are reported in the annual report, but I never withdraw any income/interest. (Money is on roll -over basis with the insurance until I died). Do I need to report this “so called un-realized income”in my tax return? If applicable, where to fill in? (3) My husband also has an annuity plan and is still paying his premium. Like (2) he does not intend to withdraw any value, should he report any those unrealized earned interest? Look forward to hearing your replies. Thanks for your kind attention. Thanks for your kind help and guidance. Cheers
Posted Tue, 03 Oct 2023 10:19:27 GMT by HMRC Admin 19
  1. No, that form is for the actual pension company.    
  2. As the policy has not matured and is not providing any income there is nothing to report at this stage.    
  3. Same as number 2.

Thank you.
Posted Mon, 16 Oct 2023 13:32:22 GMT by KF@2023
Dear Sir/Madam, Thanks for your feedback. Please kindly help further clarify based on my previous enquiries: (1) I have to report tax duty on the monthly payout to HRMC. How should I treat it , as "interest income" or "dividend"? (2) and (3) We decided to rollover "cash value" for those policies even upon maturity. Is it correct to say that we need to report to HMRC if happened to be ANY "money or interest withdrawal" in the years to come? Thanks for clarification and advice. Cheers
Posted Thu, 19 Oct 2023 10:16:48 GMT by HMRC Admin 20
Hi KF@2023,

It depends on the actual policy and money paid out.
Please refer to HS321 Gains on foreign life insurance policies (2023)

Thank you.

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