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Posted Mon, 24 Jul 2023 20:51:40 GMT by HT
I have become a UK resident since August 2021. I bought a life insurance policy in Hong Kong in July 2009, and have just fully surrendered the policy. I have never withdrawn any money from the policy before my surrender. The total premium I paid is around £15,000, and I fully surrendered the policy for £11,000 (£9000 cash value + £2000 accumulated dividend for 14 years). I believe there is no chargeable event gain as I did not receive a chargeable gain certificate. May I know: 1) Is that the only amount I need to declare in self assessment is the accumulated dividend? 2) If the above is yes, should I only declare the part of the dividend counted from the date I become a resident? Thank you.
Posted Tue, 01 Aug 2023 14:18:20 GMT by HMRC Admin 32

The accumulated dividend is not taxable, as there is no gain.

Thank you.

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