Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Fri, 26 May 2023 09:08:20 GMT by NM Webb
This is the first time I have submitted a self assessment form and I am really confused. I recently surrendered a UK personal investment plan. The interest made means I need to pay tax and I have been sent a Chargeable Event Certificate. I have registered with HMRC and need to submit a self assessment form. My query is this - does the tax I need to pay come under Capital Gains Tax , if so what is the Asset Type and do I need to submit a worksheet?
Posted Fri, 26 May 2023 16:06:46 GMT by HMRC Admin 10
No this is not subject to capital gains tax.
If filing a paper return you will include this on the additional information page SA101.
If tax has already been treated as paid, credit is given for this.
If doing online, you need to tailor your return at section 3.
Posted Fri, 09 Jun 2023 09:02:04 GMT by NM Webb
Thank you for your reply. However I now have another question. On my chargeable event certificate, I have two figures. One is the amount of gain rounded down and the other is the amount of tax (treated as paid) rounded up. For the purpose of the tax return does this mean my net interest is the first figure minus the second figure or has the tax already been deducted from the first figure? Also how do I know what my untaxed UK interest is? Thank you in advance.
Posted Tue, 13 Jun 2023 13:40:02 GMT by HMRC Admin 32

Please use the information on your Chargeable Event certificate to complete the appropriate boxes in the 'Gains from life insurance policies,capital redemption policies and life annuity contracts' section of the SA101. Please refer to the SA101 notes for detailed guidance.  

Additional information notes

Thank you.

You must be signed in to post in this forum.