Hoi So

Hi there, Sorry that I made a mistake on the amount and the money currency, and that is a foreign whole life insurance policy, so I really need you help and advice again, sorry for bothering you, and thank you for your help again. I have recently surrendered a foreign Whole Life Insurance Policy to receive a redemption sum. I am the Policy Holder and Beneficiary. This policy started from 2013 and it is 18 years term policy, I surrendered it at around 12 years. I paid the policy monthly from 2013, total I paid around HKD $120,000, and the surrendered redemption sum is only around HKD $66,000, which included: 1- Terminal Dividend (around HKD $13,000) 2- Cash Surrender Value (around HKD $46,000) 3- Dividend (around HKD $7000) My main question is whether the surrender value would be taxable and require completion of a Self Assessment form? Thank you again. Hoi

Hi, I have recently surrendered a Whole Life Insurance Policy to receive a redemption sum. I am the Policy Holder and Beneficiary. This policy started from 2013 and it is 18 years term policy, I surrendered it at around 12 years. I paid the policy monthly from 2013, total I paid around £120,000, and the surrendered redemption sum is only around £66,000, which included: 1- Terminal Dividend (around £1,300) 2- Cash Surrender Value (around £46,000) 3- Dividend (around £700) My main question is whether the surrender value would be taxable and require completion of a Self Assessment form? Thank you in advance. Hoi