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Posted Mon, 03 Jul 2023 08:56:29 GMT by Jaba Mak
Dear HRMC I am going to surrender the foreign life insurance policy. However, the calculation of Gain is negative , TB (total benefits) - TD (total deductions) - PG (previous gains) < 0. Do I need to do a self assessment for this case? Thanks. Regards 

Name removed Admin .
Posted Fri, 07 Jul 2023 12:09:22 GMT by HMRC Admin 20
Hi Jaba Mak,

The result of the calculation when a chargeable event arises may not be a positive amount.
There’s no relief for a loss and you should not make any entries on your tax return.
However, if the result of a full surrender, death or maturity calculation is negative and you made gains on the policy in earlier
years, the section that follows about ‘deficiency relief’ may be relevant.
A loss on one policy cannot be set off against a gain on another policy. further guidance at
HS321 Gains on foreign life insurance policies (2023)

Thank you.

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