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Halifax personal investment plan - tax
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poppy8
Posts: 45 Forumite
My grandfather has a Halifax PIP valued at £149,500which he wants to cash in and distribute between the grandchildren. We are wondering what the income tax implications would be for him if he does this. He has an income from a private pension of around £10,000per annum plus his state pension. Any advice would be welcome.
Waddle you do eh?
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Comments
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Is the PIP an investment bond or unit trust/OEICs?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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It is a Cautious Managed Fund made of units. My Aunt has the paperwork but we are not experienced in investments so are a bit of a loss at to what to do. ThanksWaddle you do eh?0
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A Personal Investment Plan like this? http://www.halifax.co.uk/investments/pdfs/SW51813.pdf
With regard to the gifts after the units are sold see http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm which may be of interest.0
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