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Cashing in unit link endowment
county1966
Posts: 1 Newbie
Hi new to all this so please be gentle
I have to unit link endowments I want to cash in early five years left to run I know I can't sell them elsewhere and have to take surrender value but can someone advise me on the if I will have to pay any tax on them
Cheers
I have to unit link endowments I want to cash in early five years left to run I know I can't sell them elsewhere and have to take surrender value but can someone advise me on the if I will have to pay any tax on them
Cheers
0
Comments
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If they are qualifying policies, all the tax payable has been met by the fund on your behalf.
If they are non-qualifying, there may be a chargeable gain on early surrender with any tax payable depending on your personal tax status.
In addition, the term of the plan and if any alterations have been carried out could affect the status.
There is no "fits all" way to tell, so you are going to have to ask the life office.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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