Hi everyone,
I have a question relating to the calculation of the tax I owe on a partial buy-back (part surrender?) of my French life insurance policy. I am a UK resident for tax purposes.
- the French life insurance company sent me a certificate with the amount of "gains", which in France is considered to be the proportion of my withdrawals which represent interest gains. When I calculate what I owe to HMRC, should I take this as a basis, or the total premium paid?
- I paid premiums in at different point in time (not only upon opening the policy) - should the 5% relief and the time-apportioned reductions be calculated for each premium payment? i.e. if I paid 100 euro in 2010 and 200 euro in 2015, then the relief will be (5% x 7 x 100) + (5% x 2 x 200) or 5% x 7 x (100+200)?
Thanks a lot for your help and have a lovely day!
Julie
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