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  • RE: Foreign insurance policy

    Hi HMRC Administrator, I had an insurance policy in Hong Kong which was effective from late January 2016. I have recently surrendered the policy in late May this year and have a gain of CNY 25,000, after deducting the surrender value paid to my bank account in Hong Kong and the initial one-off premium payment made in 2016. The surrender value paid to me is kept in my bank account in Hong Kong. I understand that I will need to report in SA 106 for the 2023-2024 tax year and I have the following questions - (1) Is it correct for me to enter the amount gain in Box 45 of the form? (2) For Box 44 about the number of years, should I enter the number of years of holding the policy? I should be grateful for your advice.