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Posted Sun, 30 Oct 2022 08:55:39 GMT by H Cheung
Hi. Could you please help to clarify the following (1) I have to report the deemed gain under Personal Portfolio Bond (PPB) hold in oversea. Which parts/boxes of SA100/SA106 should I report? (2) I am eligible for split year treatment. Can I split the deemed gain under PPB? Thank you.
Posted Wed, 02 Nov 2022 12:06:31 GMT by HMRC Admin 17

Hi,
 
As part of the self assessment tax return (SA100), there are supplementary pages that should be completed where appropriate. 

To apply split year treatment, you will need to complete supplementary page SA109, which can be found at :

Residence, remittance basis etc (Self Assessment SA109)  .

  The supplementary pages and guidance notes can be found at :

Self Assessment tax return forms    .

Thank you.
Posted Wed, 02 Nov 2022 17:27:36 GMT by
Hi H Cheung, 

If you qualify for split year treatment, you will need to complete a Self a Assessment tax return and all appropriate supplementary pages, including SA109.

If the gain arose in the part of the year that you were resident in the UK and you remitted the income to the UK, it is taxable here.

Please have a look at the remittance basis at:

Residence, domicile and the remittance basis: RDRhank 

Thank you. 


 
Posted Wed, 02 Nov 2022 21:33:38 GMT by H Cheung
Thank you for your replies. I understand SA100, SA106 and SA109 should be submitted. I became UK tax resident in year 2022 and prepare to claim split year treatment for year 2022 but NOT remittance basis. Can you confirm my below understanding is correct 1. Deemed gain for PPB should be reported in SA106 box 43"Gains on foreign life insurance...." 2. Deemed gain for PPB in year 2022 can be split into foreign and UK part. Only UK part is taxable. 3. Monthly cash distribution from the underlying assets of PPB should be reported in SA106 "Interest and other income from oversea savings" Thank you
Posted Tue, 08 Nov 2022 12:05:01 GMT by HMRC Admin 32
Hi, 

Based on the information provided, we can confirm that your proposed entries in the SA106 (under 'Gains on Foreign Life Insurance' and 'Interest & other income from overseas savings' ) would be correct.

Foreign notes

Thank you.

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