I have lived in Kenya for more than 50 years with most of my investments made offshore. I learned in may this year the an Insurance Policy for myself and my wife, my tax which we cashed in was liable to, UK tax. The taxable sum was just over £6000/-. When I visit the UK it is never more than six-seven weeks at in a calendar year. Can you please advise me what action I need to take?Regards XXXXX XXXXX
Hi.Can you give me some information about the life policy that you have cashed in please. When was it taken out? Was a single premium paid at the start or was it a monthly contribution plan? Did you withdraw any money between the commencement of the policy and when you encashed it? Have you received a chargeable event certificate? If so, what is the amount of the gain? What is the number of relevant years?
You appear to have read my request for additional information. Do you still need an answer?
Dear XXXXX Tax. Sorry for the delay in replying.
Thanks.As you are a non-UK resident and are therefore not liable to higher rate tax you won't have any tax to pay on the chargeable event gain since it is treated as basic rate tax paid. However, you cannot reclaim the basic rate tax which is deemed to have been deducted as this has been paid by the life company.Let me know if you have any further queries.
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