• We are pleased to announce that the winner of our Feedback Prize Draw for the Winter 2024-25 session and winning £150 of gift vouchers is Zhao Liang Tay. Congratulations to Zhao Liang. If you fancy winning £150 worth of gift vouchers (from a major UK store) for the Summer 2025 exam sitting for just a few minutes of your time throughout the session, please see our website at https://www.acted.co.uk/further-info.html?pat=feedback#feedback-prize for more information on how you can make sure your name is included in the draw at the end of the session.
  • Please be advised that the SP1, SP5 and SP7 X1 deadline is the 14th July and not the 17th June as first stated. Please accept out apologies for any confusion caused.

Policyholder taxation

P

PhamThinhLe

Member
On page 6 of chapter 6, "On the final maturity or full surrender of the contract or on death, the taxable amount equals the total chargeable gain less what has previously been taxed."

Does the "total chargeable gain" here include the amount previously received from part surrender?
 
On page 6 of chapter 6, "On the final maturity or full surrender of the contract or on death, the taxable amount equals the total chargeable gain less what has previously been taxed."

Does the "total chargeable gain" here include the amount previously received from part surrender?

Yes, although the calculation of total chargeable gain will vary under each of death, full-surrender and maturity the previous part-surrenders are included in each scenario.
 
Back
Top