james evans

Thank you for your reply. HS320 tells me how to calculate a gain but does not show how to work out the tax liability. I have already worked out the amount of gain and now I need to know how much tax I would have to pay on it. IPTM3850 gives worked examples of tax liabilities on full surrender of policies so should I assume that these calculations are the same for part surrender of policies? I am only querying this because I have read somewhere in the manuals (I've forgotten where) that tax calculations on part surrenders are a little more complicated. I may be entirely mistaken in this and if so I apologise in advance. Thank you

I am considering making a withdrawal from my onshore non-qualifying life assurance policy. I realise that the amount withdrawn will be a chargeable gain as I have a used up all my 5% allowance on previous withdrawals. Please advise where I might find information on how to calculate the tax liability for this event. I am aware of tax calculations for full surrender but am concerned that there might a different method for part surrender. Many thanks