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Chargeable gain, completing self assessment help!

Chargeable gain certificate received how to complete SA

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I am attempting to help my sister with her SA but am not a tax accountant and would really appreciate any help.  She is a basic rate tax payer (still at basic rate if the chargeable gain is added), she has cashed in a life assurance investment policy and so has received a chargeable gain certificate.  

From what we have read online it reads that as she is a basic rate tax payer that there will be no income tax to pay on this but we are unsure how to declare this on the SA without incurring an income tax charge.  If you could please help us and let us know how we should declare this income we'd be grateful.



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By feelingthestrain
15th Dec 2016 02:06

Hi Lucy

Free advice hey!?!

OK, under Other UK Income there is a section called Life Insurance gains.

The amount of the gain goes in box 4 and the number of years goes in box 5

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By stepurhan
15th Dec 2016 09:46

If you are not a tax accountant, you are not helping your sister. In fact, you may actually be harming her because you don't know what you are doing.

Internet searches and questions here will only take you so far. That is because, without knowing even the basics, you may be asking the wrong question. This a site for accountants to share knowledge with one another. There is a reason why we normally charge for sharing that knowledge with the general public.

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By Manchester_man
15th Dec 2016 11:27

It's not for her sister Stepurhan, it is for one of his/her clients.

It would appear to be an accountant charging money for their so called expertise but who is in actual fact scraping along on the back of advice from us on here.

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By K81
15th Dec 2016 13:10

...always assuming that the policy is not foreign, then tax will be payable.

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