Old endowment policy tax question

shyl0ck

Hi all, I have had an old endowment policy mature for a mortgage (1985 vintage) long since paid-off.
Is the money taxable?
Naturally there'll be other questions if it is!

Cheers,
Shyl0ck

dunstonh

If its a qualifying endowment policy then it has long since qualified and will be paid with no further tax liability.

Indefinite_Article

Hi,

This all sounds good, but I hope I can supply some personal info to check that my situation also fits, as I've never seen specific reference to what happens when you sell a house without cashing in the endowment.

In my case, the 25 year endowment was taken out when we bought the house, which was sold in 2003. The endowment matures in 2013. In addition to the tax issue, two further questions:

- my endowment provider (Aviva) makes reference to the possibility of a shortfall promise top-up payment: presumably whether the house is sold or not makes no difference to this being provided, or to tax on it?

- what's a 'qualifying' endowment, as referred to above?

Thanks!