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Posted Fri, 10 Nov 2023 12:26:35 GMT by Nick
Hi (I hope I'm posting this in the correct place as it says post a reply as opposed to post a question). Chargeable Event Certificate question: I have an International Investment Portfolio (IIP) which is a unit linked Whole of Life Assurance Policy in the Isle of Man which I want to surrender. I am told by the IIP company that they do not calculate what a chargeable gain may be if I surrender, but basically told me how to calculate the gain – it’d be under £4,000. The financial advisors who originally sold me the policy are based in the Isle of Man and can no longer advise UK residents, but say that their understanding is that this policy doesn’t require a chargeable gain certificate and it is definitely not something they’d produce, that would be the responsibility of the IIP company. So I feel I’m going round in circles here. My question is – do I actually need a chargeable gain certificate or can I work that out by myself, or do I need to get a tax accountant to definitely say either way. It seems that given the gain is less than £10,000 then I don’t need to do a self assessment? I have just retired so was in the 40% higher tax bracket before I retired in September (but will be at the 20% income tax once my various pensions kick in) so I will have to start doing a self assessment now that I’m retired.
Posted Mon, 13 Nov 2023 13:40:43 GMT by HMRC Admin 17

Hi ,
As the gain is an overseas Chargeable Event Gain (CEG), it means that you do meet the criteria for self assessment. 

All foreign income, regardless of the amount, must be declared in a self assessment tax return (SA100). 

This CEG should be declared on SA106, in the section 'other overseas income and gains'. 

If you complete the tax return online, you would select yes to foreign income when tailoring your tax return .

Thank you. 
Posted Thu, 16 Nov 2023 11:00:47 GMT by
This could be a stupid question but I have chargeable event certificate with a gain of over £10,000. It's the first time I've had to complete a self assessment and am confused as to whether or not I need to complete the Capital Gains Section. I started to do so but got confused over the questions which didn't seem relevant. Guidance in HS320 says that chargeable events are not capital gains. Do I need to complete the Capital Gains Section or just add SA101? Thanks.
Posted Fri, 17 Nov 2023 16:03:18 GMT by HMRC Admin 20
Hi Angela Mollart,
Its just on the SA101 that you show the chargeable event.
Thank you.

Posted Tue, 05 Dec 2023 20:17:15 GMT by
Hi there, I have received a chargeable event gain certificate from a Personal Investment Plan for £4,000 this year and I’m unsure if I need to complete a self assessment tax return as it’s under £10,000. Please could you advise as I’ve not had to complete one before. Thank you.
Posted Thu, 07 Dec 2023 11:38:11 GMT by HMRC Admin 20
Hi Jlstephens,
A return is only required if the chargeable event is £10,000 or more. you can send a copy of the certificate to have your record updated.
Thank you.

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