Skip to main content

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

Posted Fri, 07 Jun 2024 07:11:22 GMT by rickykcw Kung
I bought an oversea insurance policy 15 years ago. This is a policy with refundable premiums. When the policy expires this year, the premium I paid will be refunded. I would like to know whether tax is payable on the refund amount?
Posted Tue, 11 Jun 2024 07:55:11 GMT by HMRC Admin 19
Hi,

You can see guidance here:

HS321 Gains on foreign life insurance policies (2024)

Thank you.
Posted Tue, 11 Jun 2024 13:13:15 GMT by rickykcw Kung
I checked the content but couldn't find any information on whether refunded premiums are taxable? In my case, the premium refunded was less than 100% of the premium I paid. This means no gain at all. In this case, will the refunded premium be taxed?
Posted Thu, 13 Jun 2024 13:56:04 GMT by HMRC Admin 19
Hi,

If there is no gain there will be no tax to pay.

Thank you.

You must be signed in to post in this forum.