TAILIEUCHUNG - Gains on UK life insurance policies

If you have been divorced, your former wife or husband who is age 60 or older (50-59 if disabled) can get benefits if your marriage lasted at least 10 years. Your former spouse, however, does not have to meet the age or length- of-marriage rule if he or she is caring for his/her child who is younger than age 16 or who is disabled and also entitled based on your work. The child must be your former spouse’s natural or legally adopted child. Benefits paid to you as a surviving divorced spouse who meets the age or disability requirement as a widow. | Helpsheet 320 Tax year 6 April 2011 to 5 April 2012 HM Revenue Customs o Contacts Please phone the number printed on page TR 1 of Gains on UK life insurance policies Introduction Page 2 your tax return the SA Helpline on 0845 9000 444 Part 1 - Types of policy Page 3 What sort of policy do you have Page 3 the SA Orderline on 0845 9000 404 When will a gain arise Page 5 for helpsheets Gains arising on qualifying policies Page 6 or go to Non-qualifying policies - when gains don t arise Page 7 Chargeable event gain certificates Page 9 Part 2 - Whose gain is it Page 10 Individuals Page 10 UK resident trustees Page 11 Personal representatives Page 12 Co-ownership etc Page 12 Part 3 - Entries on the tax return Page 12 Determining the amount of the gain Page 12 Multiple or clustered policies Page 13 Commission Page 14 In which year is a gain taxable Page 14 Dividing gains - joint owners Page 15 Top-slicing relief Page 15 Loss or no gain on the policy Page 16 Deficiency relief Page 17 Part 4 - Other cases Page 17 Examples of other cases Page 17 Part 5 - How to calculate a gain Page 19 On maturity or full surrender Page 20 On death Page 20 On sale Page 21 On part surrenders part assignments sales Page 21 Examples of calculations Page 22 More help needed Page 24 HS320 2012 Page 1 HMRC 12 11 Introduction This helpsheet will help you fill in boxes 4 to 11 in the Life insurance gains section on page Ai 1 of the Additional Information pages of the tax return. It will help you decide which boxes you need to use and what you need to enter in those boxes. These notes are generally applicable to individuals trustees and personal representatives of a deceased person unless the notes say otherwise. This helpsheet deals with chargeable event gains on UK life insurance policies life annuities and capital redemption policies. This helpsheet will help you fill in your tax return for the year ended 5 April 2012. This is because it gives information based on the law for that .

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