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Posted Tue, 05 Dec 2023 17:47:37 GMT by taps1234 ag
Hi, Lets say a person has a 20 year insurance policy in INDIA. The person pays an annual premium of £600 every year for the last 19 years. After 20 years the insurance policy matures and the policy pays out a lumpsum amount of say £10,000 As per the note over here https://www.gov.uk/government/publications/gains-on-uk-life-insurance-policies-hs320-self-assessment-helpsheet/hs320-gains-on-uk-life-insurance-policies-2021 this falls under the category of QUALIFYING POLICY ( Even Annual Premiums and each premium is < £3600 ) and hence is my interpretation correct that that the lump sum payment would NOT be taxable in the UK. Please confirm
Posted Thu, 07 Dec 2023 11:26:58 GMT by HMRC Admin 20
Hi taps1234 ag,
As your policy is in India, it is a foreign policy and not a UK policy. please refer to guidance at:-
 Gains on foreign life insurance policies (Self Assessment helpsheet HS321)
Thank you.

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