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To sell or not to sell
lucky1ady_2
Posts: 2 Newbie
My mortgage was paid off when my husband died
suddenly 2 years ago. I have a current endowment policy
that has a surrender value of £16,000 as at todays date, it is
a with profits policy.
I owe over £8,000 in credit card debts and would like to use
the surrender value on my endowment to pay off these debts.
The policy is due to mature in 2013.
Do i pay tax on this surrender value and if so how much and
can anyone advise me what my best route to go down is, I am
currently not working and would like to clear my feet before the
new year.
suddenly 2 years ago. I have a current endowment policy
that has a surrender value of £16,000 as at todays date, it is
a with profits policy.
I owe over £8,000 in credit card debts and would like to use
the surrender value on my endowment to pay off these debts.
The policy is due to mature in 2013.
Do i pay tax on this surrender value and if so how much and
can anyone advise me what my best route to go down is, I am
currently not working and would like to clear my feet before the
new year.
0
Comments
-
oh and i have no dependants.0
-
If you have had an endowment for over 10 years there is no tax to pay when it matures or you sell it.
Without giving the details of the endowment we cant tell you if its worth keeping until 2013 or not!
But you are also paying 15/16% interest on your CC debts0
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