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Posted Thu, 16 May 2024 09:24:02 GMT by taxquestions1 tax
Hello, I recently surrendered a foreign life insurance policy, the gain (adjusted for TAR) will be taxable as income, can I use the gain amount towards my overall pension allowance tax relief contributions for this year? Thank you
Posted Mon, 20 May 2024 14:23:26 GMT by HMRC Admin 19 Response
Hi,

You will need to include the foreign life assurance gain in a Self Assessment tax return. The paper supplementary page is SA106 or the foreign section of the online tax return. The taxable gain will be added to your income and tax calculated after your personal tax free allowance is applied.

Thank you.

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