I'm afraid the Generali notes were not that helpful.
However, I believe that your policy is similar to the one described here
. Most foreign policies, particularly single premium policies, are not qualifying policies as far as UK tax law is concerned and will almost always give rise to a taxable gain, if there is a gain.
Provided your policy runs for at least three-quarters of the term or 10 years whichever comes first , you may not have to pay UK tax on the gain if the policy is treated as a qualifying one by HMRC. If it is not a qualifying policy, then you will have a chargeable event gain of about £7,000. If that is the case, you will have a tax liability of at least 20% of the gain.
If 1/7th of the gain takes your income for the tax year of surrender into the 40% tax band then you will have some more tax to pay but only equal to 7 times the amount of tax on that part of the gain which goes into the 40% tax band. If you are a higher rate taxpayer regardless, then you will pay tax on the gain at 40% or 45% (income over £150,000).
You may need to ask Generali what their understanding of the tax situation is if you surrender the policy early. They should know as they are obliged to report such events to HMRC in the UK under international agreements between governments.