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Posted Wed, 26 Apr 2023 15:06:10 GMT by Tax20
Hi Trying to work out if a lump sum I received, being the named beneficiary of a deceased non uk tax resident, foreign life insurance (I'm a UK tax resident), is taxable as income in the UK? The gain/taxable amount was declared to French tax authorities by the French life insurance company at the time of payout, but not taxed as under taxable threshold and due to when payments were made into life insurance. Does the same gain needs to be declared to the UK tax authorities? and then will be taxed in the UK? if so, this gain will have been declared in each country (as paid when applicable by french life insurance company directly) wouldn't this be double taxation? Thank you
Posted Thu, 04 May 2023 09:11:14 GMT by HMRC Admin 25
Hi Tax20,

Yes, it would need to be report to the UK and if French tax paid, this can be claimed as Foreign Tax Credit Relief.
Further information is here: 
HS321 Gains on foreign life insurance policies (2023)

Thank you. 


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