Endowment full term - taxable ?

Hafoi_Bin_Ereafower

We (wife and I in joint names) have an endowment maturing in four months time.

It's run 25 years - I for most of the time was a higher rate tax payer my wife at standard rate.

I retired just over 18 months ago and am now a standard rate tax payer, my wife still employed and still at standard rate.

I understand there may be tax payable re gain on the policy i.e. the difference between the premiums paid and the maturity figure.

My questions would be,

1. Will there be tax payable.
2. If so how would it be calculated.

Anyones understanding of the above gratefully accepted.

dunstonh

1. Will there be tax payable.

If it is qualifying then no. If it is non-qualifying then yes. Most mortgage endowments were qualifying (non-qualifying would be rare but possible).

saverjustice

I agree with dunstonh.

If it is qualifying you have nothing to worry about, ask the life office just to make sure.

dunstonh

saverjustice wrote: »

I agree with dunstonh.

....

Everyone is happy on a sunny day

Hafoi_Bin_Ereafower

And so say all of us !

Thanks for the responses - reassuring.