Skip to main content

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

Posted Thu, 05 Dec 2024 14:16:20 GMT by migi
Hi, my insurance was matured in Sep 2023 and it was a two year policy. A gain was received in Sep 2023 and I know this needs to be reported in self-assessment for 2023/2024. However since the gain was for the two years covered, can I split the gain into two halves and report in self-assessment for 2022/2023 and 2023/2024 respectively?
Posted Tue, 10 Dec 2024 13:26:54 GMT by HMRC Admin 19 Response
Hi,
No, the gain arose in the tax year that the policy matured and so the gain is taxable in that year.
Thank you.

You must be signed in to post in this forum.