Delayed payment of proceeds from Life Assurance - how to record?

[Wm]

Wed, 24 Dec 2014 16:49:56 <549B3504.7090706 at mtdata.com>  Mike or Penny 
Novack <stepbystepfarm at mtdata.com>

>
>>
>>
>> Taxation of Life Assurance can be weird particularly if they are used 
>>as savings or tax havens and your jurisdiction is probably different 
>>to mine, etc. I'm just saying what the natural transfers are, OK?
>>
>Absolutely -- please do get professional tax advice on this. In this 
>case, sort of was my line of country as in my working days I wrote 
>software for one of the world's largest insurance companies. I know 
>that at least some jurisdictions would tax as capital gains income the 
>cash value minus the total of premiums paid in case of an early 
>surrender of a cash value policy. For example, when I retired and 
>surrendered my "split dollar" policies, the profit was taxable.

If the premiums paid, less charges taken by the insurance co, amount to 
less than the amount returned is that a gain or loss where you are ?

-- 
Wm...