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  • RE: Non UK Life Insurance Maturity- Declaration or not

    Hi Thanks for your reply. picking from the website , As explained above, I have two options 1. Arising basis of tax, declare the full amount of chargeable gain. 2. Remittance basis, declare the amount remitted to the UK for tax purposes and also the amount not remitted. this is a one time foreign gain for tax year 2024-2025 I came to UK in Feb 2008 and became a permanent resident in Jan 2013 however still hold Indian Passport. My foreign chargeable gain (matured life insurance policy amount - premium paid) for the tax year 2024-25 is approx 16000 pounds based on a rough INR to Pound conversion. Eventhough I am fall under UK tax resident, Non Domicile, from the info and amount being > 2000 pounds, i pick the following from the - foreign gain webpage Claiming the remittance basis means you only pay UK tax on the income or gains you bring to the UK, but you: > lose tax-free allowances for Income Tax and Capital Gains Tax (some ‘dual residents’ may keep them) pay an annual charge if you’ve been resident of the UK for a certain amount of time You pay an annual charge of either: £30,000 if you’ve been here for at least 7 of the previous 9 tax years £60,000 for at least 12 of the previous 14 tax year So question 1 - As I am paying UK tax from Feb 2008, is it I have to pay RBC fees of £60000 ? and it is not a good reason to file return on remittance basis and the remittance money will be less 15000 pounds. Am i right ? can HMRC re-confirm that I can't proceed on remittance basis? Question 2 - if yes for question 1, this leaves me to fill self assessment for foreign gain on arising basis, am i right? can HMRC confirm based on my info that this is the right way to declare in self assessment (Arising basis). The life insurance policy matured amount is exempted from income tax in India. I have checked this with a Chartered Account who will be helping me to file income tax in India as the matured amount is more than the personal tax free limit. Now I wanted to know what will be tax if i bring ~15000 pounds to UK via bank transfer. I am already a higher tax payer (40%) in Scotland , Is there a income tax calculator to a facility to check with foreign gain? Thanks and Regards Suresh

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  • Non UK Life Insurance Maturity- Declaration or not

    i did further browsing on the topic and found this. 1. only the gain has to be declared. i.e., matured money - premium paid = gain. 2. aslo it mentions about non - domicile , where to mention this in the self assessment. can a UK resident , working for a UK company, Indian national with parental roots in India, having first home in India, by default fall into non domicile status. where it has to be stated ? Some guidelines will be off great help from HMRC
  • Non UK Life Insurance Maturity- Declaration or not

    Indian National holding UK permanent residence card. recently a non uk life insurance policy taken in India (1999) before coming to UK (2008) got matured (2024) and a final lumpsump amount is paid. 1. should this be declared in the self assessment. 2. if so, does the full maturity amount to be declared? 3. or should the amount brought to UK only to be declared? can some one clarify my doubts? Thanks