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Tax on Endowment Surrender
DumbAss_2
Posts: 7 Forumite
Can anyone offer some advice on whether or not a higher rate taxpayer would be liable for any tax on the surrender of endowment policies. He is employed and pays PAYE through his salary and has a company car.
0
Comments
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You need to check whether you have 'qualifying' policies - ask the insurance company who supplied them- if they are qualifying then there is no liability for tax on surrender.
As a rough guide - if your policy is more than 10 years old (or has run for at least 3/4 of its original term if less than 10 years) and you paid regular premiums throughout the term then it is likely to be a qualifying policy.0 -
Cheers. I shall contact all four providers and see whether or not they are. 3 out of the 4 have been running since before 1993, only one has been less than 10 years. Don't suppose it is likely that I can find the 'qualifying' information from any of the documentation likely to have been with original policy or annual updates?0
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