We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Tax liability for assigned endowment
della12
Posts: 2 Newbie
I took out a joint endowment policy with my ex-husband in 1987 to cover our mortgage. After we divorced he signed a Deed of Assignment in 1996 transferring ownership to me. On the deed I selected the option that says items of equivalent value will not be paid in consideration of the assignment. The endowment is due to mature in 2012.
I've been reading the posts on this site to try and understand the tax situation. Will I be liable for any tax when the endowment policy matures? Or will my ex-husband be liable? We both pay basic rate tax.
I've been reading the posts on this site to try and understand the tax situation. Will I be liable for any tax when the endowment policy matures? Or will my ex-husband be liable? We both pay basic rate tax.
0
Comments
-
Basic rate tax payers when recieving a lump sum from a maturing endowment will have no tax to pay assuming the endowment has not breached the 1984 Tax Qualifying rules. Answer = no tax payable on this occassion. :beer:I am a Mortgage Adviser0
-
That's a relief. Thanks for your response. Do I need to know what the 1984 Tax Qualifying rules are that I haven't breached?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards