My client has give me some information for their Self Assessment and not sure on the correct treatment of this, if anyone could advise it would be much appreciated.
My client surrendered a policy with Old Mutual Wealth, the policy was orginally with Skandia and then taken over by OMW international. The value of the funds were in USD. She said she originally took the plan as a savings account with Skandia but on the info I have it says 'Managed Pension Account' so slightly confused on how to treat this!
Should this go on the SA as foreign income and taxed at 20% or treated as a Capital gain for tax purposes?
Any help would be much appreicated.