I surrendered a life insurance policy in Dec 2022 and incurred a chargeable event gain. The policy was issued in May 2002.
With reference to IPTM3830, Example 1, "Orla purchased a life insurance policy from a UK insurer on 1 April 2014 when she was UK resident. From 1 April 2015 Orla was resident for tax purposes in the Republic of Ireland before returning permanently to the UK on 31 March 2017. On 1 August 2018, Orla partially surrendered her policy and incurred a chargeable event gain. The gain will be deemed to have occurred at the end of the relevant insurance year, in this case 31 March 2019."
In my case, the gain should be deemed to have occurred at the end of the relevant insurance year, i.e., May 2023. Should I include the gains in tax year 22/23 or 23/24? Thank you!
CG78315 advises that "A gain on the disposal of foreign currency acquired by individuals for the personal expenditure outside the United Kingdom of themselves and their family or dependents is not a chargeable gain".
I will convert foreign currency to GBP for purchasing my main residential home in the UK (rather than outside the UK), is the gain on the disposal of foreign currency considered as a chargeable gain? Thank you!