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Sam, Accountant
Category: Tax
Satisfied Customers: 14164
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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If you have surrendered in full a qualifying Life Insurance

Customer Question

If you have surrendered in full a qualifying Life Insurance Policy from a UK company which has been held for more than 10years , do you need to declare it on your tax return, even if the gain is zero?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
No - no you do not.
if there had been a gain and it was a term of more than 10 years and you had paid regular contributions into it - you still would not had to have declared the gain.
So no action is required by you
Let me know if I can be of any furtehr assistance.