Q748. Taxes in UK on foreign insurance benefits.
Question: Hi, I m a resident of UK. I want to invest in Lic of India. Will the maturity proceeds be taxed in UK?? Vinay Madavi [March 26, 2016]
Answer: Tax in UK on benefits received from an insurance policy issued by an insurance company in India generally would depend on the type of policy taken. For more information on: Tax applicable on foreign insurance policy check the site of the UK tax office. For easy access the link to their web page is available HERE To get more information on NRIs purchasing insurance policies in India, check out an article on this website titled: NRI, OCI holders, PIO buying life Insurance Policies in India >>
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