Help needed after a full morning bouncing around phone helplines!
Firstly, I'm unsure whether I need to file a self assessment tax form for 22/23 at all. I did a full surrender on a life insurance policy. I pay basic tax on my salary (£33214).
The gain arising was £59,500, treated as having borne basic rate income tax. I'm therefore still under 100k for 22/23. I had the policy for 10 years, so after top slicing I don't think there's any additional income tax to pay on the gain?
2. When I fill out the "do I need to do a tax return", after the 10 qs it says no (as there's no question about life insurance gains - and i assume this isn't capital gains?). My PAYE page says everything is correct.
3. If I do need to declare this, is it "missing investment income", or "missing income from another source"? Should I do this via the PAYE summary page, or fill out a self assessment form?
Thanks for your help everyone.