Rita17072024

I understand it is an insurance policy whereby J can opt for getting a monthly payout. It is an overseas insurance company and they are not able to provide breakdown of the payout for tax reporting purpose. So my question is whether that constitute an event gain and if yes, if the above approach of gain calculation is acceptable.

I have an annuity plan setup with a bank in Hong Kong before relocating to UK. In the assessment year 23-24, I have received 6 monthly payments. I contacted the bank but they are not able to provide a breakdown of the interest earning from the proceeds that I paid. A simplified approach to report those income would be subtract the proceed in prorata from the monthly payment, e.g. Total premium paid = X Payment is to be paid monthly through 20 years, i.e. 240 months Monthly payment received = Y Then the interest gain = Y - X/240 Please kindly confirm whether the above calculation basis would be acceptable. Thanks.