Andy33BM

Hi, I suppose a more accurate question is; Is Self Assessment the only correct method with which to declare this type of income? Thank you.

Hi, I am not currently registered for Self Assessment,so would I need to register first ?

Hi, I am in a similar position to the above individual,contributing to an International Pension plan with Royal Life(now Friends Provident International in Isle of Man)from 1988 to 1997,whilst living and working in Germany.I returned to the UK in 1997,at which time I stopped contributing and the pension ,which is still in the Isle of Man is frozen. I am now approaching retirement and would like to surrender the policy,which has a value of about £10,000 and take it as a lump sum. I have been a UK resident since 1997 and it is my understanding that if it was surrendered,I would be liable to pay tax in the UK only.My enquiry is how would I proceed in order to do this?On asking Friends Provident,they suggested that a Chargeable Event Certificate could be issued within 3 months of the policy surrender,which I should forward to HMRC.However should this be done together with a completed Self Assessment Tax Form? I wish to follow the correct process and pay whatever tax is due,so any advice would be very appreciated. The amount of this policy would be my only income for the next tax year 2024/25 Kind regards.