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Posted Mon, 19 Jun 2023 08:23:35 GMT by May 2022
I have some foreign life insurance policies from Hong Kong. I need to pay premium annually and the insurer will pay me interest and dividend every year. My questions are: 1. Do i need to report those interest and dividend, 2. if yes, the calculation of gain should be the total of interest and dividend or after deduction of annual premium paid ? Thanks
Posted Thu, 22 Jun 2023 13:41:27 GMT by HMRC Admin 32

Please refer to guidance at:

Gains on foreign life insurance policies (Self Assessment helpsheet HS321)

Thank you.
Posted Sat, 22 Jul 2023 18:16:40 GMT by Muk LO
Hi HMRC Administrator, I had an insurance policy in Hong Kong which was effective from late January 2016. I have recently surrendered the policy in late May this year and have a gain of CNY 25,000, after deducting the surrender value paid to my bank account in Hong Kong and the initial one-off premium payment made in 2016. The surrender value paid to me is kept in my bank account in Hong Kong. I understand that I will need to report in SA 106 for the 2023-2024 tax year and I have the following questions - (1) Is it correct for me to enter the amount gain in Box 45 of the form? (2) For Box 44 about the number of years, should I enter the number of years of holding the policy? I should be grateful for your advice.
Posted Mon, 31 Jul 2023 14:16:47 GMT by HMRC Admin 5
Hi Muk LO

Boxes 43 to 45 on SA106 (2023) are for you to declare gains on foreign life insurance policies, life annuities and capital redemption policies and life annuity contracts.  
Box 43 is the gain from the policy, Box 44 is the number of years the polict was held and box 45 is the foreign tax paid.
Take a look at Foreign notes

Thank you

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