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Tax payable on endowment sale?
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2cats1kid
Posts: 1,179 Forumite
I have almost decided to surrender/sell my with-profits L&G endowment, which is currently a case of pouring good money after bad. It is no longer needed to pay off a mortgage, and has been kept as a savings vehicle (hah!).
It was taken out in 1990 and matures in 2015.
Would I be liable for tax on the difference between surrender value and premiums paid. If so, this would add insult to injury!
It was taken out in 1990 and matures in 2015.
Would I be liable for tax on the difference between surrender value and premiums paid. If so, this would add insult to injury!
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Comments
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No.It is a qualifying policy having been held for more than 10 years.Trying to keep it simple...
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Yay! Thank you. That makes me feel (marginally) better!0
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Ed means 10 not 1. Thats just a typo as I know Ed knows the answer.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.0
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Aargh!! Duly edited.Trying to keep it simple...0
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