Hello All,
This is my very first post so please excuse my ignorance and redirect me if
this is not the right forum to post this question.
I have recently received a letter from HMRC saying they are aware of
some offshore gain I have and asked me to fill out a certificate of tax position form.
I believe it may be relating to a life insurance with profit policy that matured in October 2020.
Since then I have transferred almost all of the proceed back to a bank in the UK, leaving a small amount (£1K) balance in that bank.
When I started that life insurance policy, I have assumed any life insurance proceed is not taxable.
I have just searched the UK gov site and found the "HS321 Gains on foreign life insurance policies (2019)".
I now believe the gain is subject to the income tax.
The question I have is that is it too late to fill in the self assessment tax return for 2020-2021 to include the
gain from this life insurance policy?
An alternative is to fill out the WorldWide Disclosure Facility mentioned in the HMRC letter.
But a brief look on it seems to suggest it is a lot more complex.
Just to add that I don't have any offshore asset other than that bank account with a small balance.
Can anyone care to shed any advice or experience you have?
Many thanks in advance.
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