Which financial information is NOT required to complete a self-assessment tax return?

Study for the AAT Tax Processes for Businesses Level 3 Exam with flashcards, multiple choice questions, and detailed explanations. Be prepared and succeed!

To complete a self-assessment tax return, the primary focus is on the income earned, capital gains realized, and any expenses incurred during the tax year. Capital gains refer to the profit made from the sale of assets, which are necessary to report for tax calculations. Income includes wages, dividends, and any other earnings that are taxable and must be detailed to determine tax liability. Expenses, particularly those related to business or self-employment, are also critical as they can be deducted from income to lower taxable earnings.

Life insurance policies, however, do not typically need to be reported on a self-assessment tax return. While there are certain aspects in which life insurance may intersect with taxation—like proceeds being taxable for certain policies or if they are part of an estate—general life insurance policy holdings do not contribute directly to taxable income or expenses that need to be disclosed on the tax return. Hence, this financial information is not required in the completion of a self-assessment tax return.

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