Foreign Life Insurance Gains

Enter Foreign Life Insurance Gains

Open the Foreign Life Insurance Gains section.

Do one of the following to add a policy provider:

Type the name of the provider in Name of policy provider
Select from your existing contacts, click to open the Select Provider window.

Note: If you type the name of the provider directly in Name of policy provider then this provider is not added to your contacts and is only available for this client.

You need to enter the following information about the policy:

Policy Number
Term years - Specify the number of years that the policy has existed.
Sum assured - This is the value paid out if death occurs during the policy period.
Date effected - You must enter the date that coverage began.
Date of maturity - Enter the date that the policy converts to a cash value.
Annual premiums - Enter the yearly amounts paid to the policy provider.
Date of final premium - Enter the last payment date.

Enter details relating to gains in the Events for policy from Foreign Provider area:

You should complete/tick the following as required:

Date of event - This is the date when the gain occurred.
Amount of gain - This is monetary value of the gain. For example, £230.
Notional tax paid - Select if notional tax paid.
Final surrender?
Corresponding deficiency relief

Note: The value of Notional tax is automatically worked out when you select the Notional tax paid check box.

TIP: For each event you can also set the status and add notes.

Final surrender - Select this option if the insurance policy was terminated before the maturity date.
Corresponding deficiency relief - Select this option to claim Corresponding deficiency relief.

Click Save and Close.