Foreign Income 54 - Gains on foreign life insurance policies, capital redemption policies and life annuity contacts

Complete the 'Gains on foreign life insurance policies etc', 'Number of years' and 'Tax treated as paid' fields if you've made a gain on a foreign life insurance policy, foreign capital redemption policy or foreign life annuity.

Do not include in this field any amounts you've already included in the 'All other income received by a person abroad and any remitted 'ring fenced' foreign income' field.

If you've received a certificate from your insurer showing a 'chargeable event gain' then complete these boxes using the information on the certificate unless:

• you are not the sole owner of the policy, but see below if you jointly own the policy with your spouse or civil partner
• you've been resident outside the UK for part of the period since the policy was taken out
• on or after 21 March 2007 you paid premiums exceeding £100,000 in total into the policy or policies in a tax year and you received a rebate of commission in respect of those premiums or commission was reinvested in the policy as additional premium
• consider that the gains is wholly disproportionate and you wish to apply to HMRC to have the gain recalculated

In which case you'll need Help Sheet 321 - Gains on foreign life insurance policies. If you jointly own the policy with your spouse or civil partner, you should each enter half of the gain.

In some cases, the insurer may have sent you more than one certificate relating to a particular gain, with the later certificate showing a revised figure of benefits paid or amount of chargeable event gain. In this case, you should use the details on that later certificate.

If you've a cluster of policies with the same insurer where any of them are issued on particular terms, so that for example only one policy can be surrendered for more than the premiums paid, then you need to refer to Help Sheet 321 - Gains on foreign life insurance policies.

If you've made gains from more than one identical policy, you can add them together and treat them as one policy. However, if you've made gains from more than one policy, and they are not identical, you'll need to give details in the 'Any other information' field at the end of the 'Fill in your return' section, following the advice in Help Sheet 321 - Gains on foreign life insurance policies.

If you have not received a certificate from your insurer showing the chargeable event gain you'll need Help Sheet 321 - Gains on foreign life insurance policies to help you complete these fields.