I am UK resident , have a Foreign (India LIC) endowment life insurance policy taken many years back that is due to payout a lumpsum with bonus included.
In India this policy payout is not taxable by filing a tax returns in India.
The premiums paid satisfy most of the Qualifying policy rules as if taken from UK company endowment policy and LIC india has a UK branch however this policy is not taken from UK branch.
1.Could you please confirm if policy payouts gains are still taxable in UK?
2.As it is not taxed in India , so foreign tax paid will be zero, UK has DTT with India,
Do foreign tax relief will cover the entire gain of the policy as the gain is covered in Indian tax rules already?
Many thanks for reply