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I am just completing my 2016/17 tax return as I am self

Hi I am just completing my...
Hi
I am just completing my 2016/17 tax return as I am self employed.
During the 16/17 tax year I received a joint endowment payout with my partner of approx £42000. As far as I know the policy was qualifying i.e. 24 yr policy, we paid the same premium for whole term with no missed premiums, policy wasn't changed or amended in any way. We have not received a chargeable event certificate from the insurers.
My question is do I have to complete the life assurance gains section of the tax return even though it is qualifying and no tax is due? If I do have to include it, do I calculate the gain figure for me by taking away premiums paid from the £42000 and then dividing the gain by 2 (myself and partner).
Sorry for the long question, I just want to get it right on the form but don't want to get a big tax figure at the end if I do it wrong!
Thank you in advance.
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Answered in 2 hours by:
1/21/2018
Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15,980
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

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Customer reply replied 4 months ago
Thank you

You might check with the insurer that no chargeable event certificate was issued and if they confirm that to be the case, then you need not report the encashment or maturity of the policy. Normally, with a regular premium policy pay-out such as this as opposed to single premium policiy pay outs there will be no tax to pay.

I hope this helps but let me know if you have any further questions.

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Customer reply replied 4 months ago
OK thank you. I thought that was the case but wanted to make sure. The policy certainly ticks all the boxes for a qualifying policy. Can I keep coming back to this conversation if I need to in the next few days? Thank you for your help. Would any chargeable event certificate have been sent to us directly?

A certificate would be sent to you at the address the insurer had for you in its records and HMRC are informed of a chargeable event gain too. If any interest was added to the pay-out due to a delay in payment, you would need to report that but not the policy pay-out itself.

You can come back and aske further questions on the same topic.

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Customer reply replied 4 months ago
OK thanks. Have a good day!

Thanks.

Would you mind rating my answer before you leave the site please. You are free to continue asking questions after giving a rating.

Tony Tax
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