Doug Hughes

I own a non-qualifying insurance policy on my father's life. I'm told that it became non-qualifying when it was tranferred to me upon my mother's death. My understanding is that a chargeable event certificate will be generated if I surrender the policy. Will this also be the case if I don't surrender the policy and claim the death benfit? Can I transfer ownership of the policy to my wife, who currently has no earnings and hence has an unused personal tax allowance? Presumably if she becomes the policy owner and then surrenders it, less tax would be payable. Thanks.

In 1981 my mother took out a life insurance policy with the Co Op, on my fathers life. After 18 years it was fully paid up. When my mother died in 2020, Royal London (who took over CIS policies) requested that the policy ownership was transferred. What I didn't understand at the time is that this transfer of ownership to me changed the status of the policy from "qualifying" to "non-qualifying". I'm informed that if the policy is surrendered any gains are treated as income for tax purposes - 40% for me. I have two questions: Could I use a deed of assignment to transfer ownership again, to my wife, who currently does not have any earnings. The surrender value of the policy is just less than the lower income tax limit, so I believe no tax would be payable if she owned then surrendered the policy. Are there any issues with this? If the policy was left to run and I claimed the death benefit, would the gain on the policy still be taxable? Many thanks.

I have the same issue. My P800 says I have underpaid for 2022-23, and I agree. But when I logon to my personal tax account it says I have paid the correct amount. Moreover, contrary to the comment by HMRC Admin 25 above, when I check the tax for 2022-23 I see the message "Based on the information that HMRC have, £xxx was the right amount of Income Tax for you to pay.", where xxx is the amount of tax I actually paid, but less than the amount I should have paid. If I have to make payment by cheque in the post, what is the latest date for doing this before my 2024-25 tax code is changed to reclaim the underpayment?

In August 2023 I received a P800 message saying that I have underpaid income tax for the 2022-23 year, which is correct. However, when I logon to my personal tax account online, I see a box with "You paid the right amount of Income Tax for 6 April 2022 to 5 April 2023". And there doesn't appear to be any way to pay the amount I owe online. How can I pay this outstanding amount? I would rather pay the amount as a lump sum than an adjustment to my 2024-25 tax code. What is the latest date I can pay the amount before my 2024-25 tax code is adjusted? Many thanks.