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Posted Thu, 25 May 2023 14:33:41 GMT by
I understand that with an offshore bonds gains are added to the savings income section of SA110 section 7 which in turn applies the personal savings allowance accordingly. However, with an onshore bond when I input income in the new section as introduced in the new section in 2022 'gains on life assurance policies etc with tax treated as paid' as the income is now not going through as savings income the personal savings allowance is not being applied as it should. Is this a known issue should I revert to filling in the savings section for onshore bond gains - perhaps using the figure net of notional 20% tax? I don't want anything to be double counted
Posted Tue, 30 May 2023 09:14:51 GMT by HMRC Admin 8
Hi,
This is 2 different types of income you are referring to and come under different legislation. see guidance at:
HS265 Offshore funds
HS320 Gains on UK life insurance policies (2023)
Thank you.

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