Loss on foreign life insurance policies

Dear HMRC Administrator, I had an life insurance policy in Hong Kong which was effective from June 2020 (premium payment term is 5 years). I moved to UK in July 2021, I then surrendered the policy in June 2022 while it was still in force. As this was early cancellation, the cash surrender value was less than the total premium I paid into the policy, so I made a loss (~USD 30K) on foreign life insurance policy. Q1: Can I claim this loss when I file the tax return for 2022-2023? Q2: If answer of Q1 is Yes, may I know in which step of "Tailor your return" should I select "Yes" to enable the online filling of the loss? Or which Form should I use to submit my claim of loss on foreign life insurance policy? Kind Regards

Hi HCL_Chan,

There’s no relief for a loss and you should not make any entries on your tax return, further guidance is at:
 Gains on foreign life insurance policies (Self Assessment helpsheet HS321)

Thank you.