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Investment Plan/with profits
LittleJo
Posts: 482 Forumite
Hi,
Advice please!
I was sold one of these plans some 11 years ago and now feel that there are better places for my money. The article in the sunday Times showing just how much it was making for me did that, like 2%.
Can anybody advise how I would be affected tax-wis eas I have taken no income from the fund at all.
The suggestion of consulting my financial adviser is not practicable.
Jo
Advice please!
I was sold one of these plans some 11 years ago and now feel that there are better places for my money. The article in the sunday Times showing just how much it was making for me did that, like 2%.
Can anybody advise how I would be affected tax-wis eas I have taken no income from the fund at all.
The suggestion of consulting my financial adviser is not practicable.
Jo
0
Comments
-
Hi,
In the end I bit the bullet and called the company direct and asked for advice.
No problem, you are allowed 5% per annum tax free, when you encash any profit over this is considered potentially a taxable profit.
However it is considered that they have already paid tax on this at standard rate and unless you are a hgher rate tax-payer, no tax is due.
Jo0
This discussion has been closed.
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