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Did you make any gain as a result of this withdrawal?
Then there is no gain to declare. That is normal with most life assurance policies.
I do hope that you have found my reply of assistance.
The gain might me taxable, but you can withdraw up to 5% per annum without penalty anyway.
When was this policy taken out by the way?
Providing that your withdrawals do not exceed the 5% per annum rule (cumulative) then there is no gain. Over that, it is taxed under the Capital Gains Tax (CGT) regime at 10% or 20% or a combination of the two rates depending on your income including the gain in the tax year of withdrawal. You have a non cumulative Annual Exempt Amount (AEA) of 11.3K, to offset any gain.
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