Man Lung Lee

Dear HRMC, I am a self-employed people (working as a sole trader) for 2023/24 and my total income (net expense) is around £81K which I shall become a higher rate tax payer. I am considering to join a private person pension scheme since I want to pay fewer tax. If I contribute £30K to a private pension, will this reduce my total taxable income to £50K? Will I get £30K tax relief which can be reflected on self assessment return? Such that I don't need to pay for 40% portion

Dear HMRC admin, Thanks for your reply. I have checked the HS321 and I can't find any information related to paid interest. Can I simply deduct the paid interest from the gain?

Hi, I purchased a foreign Universal life insurance plan in 2019 in Hong Kong which I plan to surrender in 2024. Now I've moved to UK since 2022. I have applied the premium financing loan with loan amount USD215K Insurance initial Premium: USD250K Loan size : USD215K Initial Principal: USD 35K Surrender value in 2024: USD300K Annual loan interest: USD4,5K 5 year paid interest: USD 22.5K May I know when I calculate the taxable gain at surrender , can I deduct the total paid interest (5 years)? Which formula is correct? taxable gain (USD) = 300K - 215K - 35K - 22.5K or taxable gain (USD) = 300K - 250K