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Selling endowment capitol gains tax
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concho1
Posts: 10 Forumite
If I Surrender/sell and endowment policy that me and my wife have been paying into for the last 10 years will I have to pay capitol gains tax on it. I have been offered about £7000 for it although the surrender value is only about £6500.
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Comments
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You only pay capital gains tax on the profit which is probably nil and if there is a profit its below the threshold so I wouldnt worry about it unless you have already used up your allowance this year.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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I was also worried about the CGT on my endowment when I cashed it in today until I realised that the surrender value minus my payments into the plan equals not much at all!!
Plus you have £8500 CGT allowance, and believe me, my endowment didn't make anywhere near that!!Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730
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