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Endowment Maturity Payout & Tax
bigpappa
Posts: 306 Forumite
So my father Endowment has matured last month and I am trying to help him fill out the release form.
He doesn't have his original policy booklet so made a declaration stating as such. Also he has paid off his mortgage.
It states the policy is qualifying.
Does this mean he doesn't need to inform HMRC that he has been paid as there is no tax due?
Will a missing original policy document stop the payout? He has been paying the policy for 25 years and wants to be paid back into the same account - will that be ok?
He doesn't have his original policy booklet so made a declaration stating as such. Also he has paid off his mortgage.
It states the policy is qualifying.
Does this mean he doesn't need to inform HMRC that he has been paid as there is no tax due?
Will a missing original policy document stop the payout? He has been paying the policy for 25 years and wants to be paid back into the same account - will that be ok?
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Comments
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So my father Endowment has matured last month and I am trying to help him fill out the release form.
He doesn't have his original policy booklet so made a declaration stating as such. Also he has paid off his mortgage.
It states the policy is qualifying.
Does this mean he doesn't need to inform HMRC that he has been paid as there is no tax due?
Will a missing original policy document stop the payout? He has been paying the policy for 25 years and wants to be paid back into the same account - will that be ok?
If the policy is qualifying and your father paid premiums throughout the 25 year term then there will be no tax to pay.
A missing policy document will not stop the pay out. He may have to sign a letter of indemnity.
There's no reason why he couldn't be paid into the same account.
After 25 years, the provider may need to see some identification.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
HappyHarry wrote: »If the policy is qualifying and your father paid premiums throughout the 25 year term then there will be no tax to pay.
A missing policy document will not stop the pay out. He may have to sign a letter of indemnity.
There's no reason why he couldn't be paid into the same account.
After 25 years, the provider may need to see some identification.
Thanks. In the release letter all it's asked for is for a bank statement to confirm where the money will be paid out to. They've not asked for any more ID.
So we should just send off the letter and then wait for their reply.0 -
If that is what they have asked for then give them that.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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