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Foreign medical insurance - surrender value/maturity value

A Tse
Posted Mon, 03 Jun 2024 05:33:15 GMT by A Tse
Background: I have a foreign medical insurance, the premium is paid monthly. A surrender value/maturity value will be paid to me when I am 65 years old with no claim history during the insured period. This surrender value/maturity value is made of cash value (guaranteed) plus terminal dividend (non-guaranteed). Question: Is the surrender value/maturity value taxable when I withdraw it from the policy? Thanks
HMRC Admin 25 Response
Posted Wed, 05 Jun 2024 13:28:16 GMT by HMRC Admin 25 Response
Hi A Tse,
Please have a look at helpsheet HS321:
HS321 Gains on foreign life insurance policies (2024)
Thank you. 
 

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