Surrendering my endowment - CGT

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nicktd
nicktd Posts: 6 Forumite
in Mortgages & endowments
I am going to surrender my endowment policy that matures in a few years time as I believe that I can make better returns in a high interest bank account. I have taken into account the Final Bonus etc....

Do you know whether I will need to pay CGT or any other tax on the proceeds following the surrender?

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  • dunstonh
    dunstonh Posts: 116,594 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
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    Life funds have no liability for capital gains tax. Just income tax potentially depending on whether the policy has qualified or not yet (most common one being it is over 10 years old).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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