In June 2020 I activated an "Income for Life" Bond from Metlife. This is an Offshore Investment Bond, which will now pay me a set sum every month for life.
My question is -
Do I need to declare these withdrawals on my Tax Return, since the total annual withdrawal is less than 5% of the initial fund value? (Although I thought that up to 5% did not incur tax, I don't know if I have to declare anything to HMRC?)
If I do, then how/where and what do I fill in on my tax return? (I'm so confused with the "Foreign" pages.)
Thanks in advance for any clarification you can provide
Ron
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