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surrendering endowment - tax payable

louisec
louisec Posts: 20 Forumite
in Mortgages & endowments
I am surrendering my endowment which I started in oct 1999. It was for 25 years I have been paying in regularly 130 per month, so it has been going to 19 years. Sum insured is 67K. surrender value is 44K On the surrender letter it says "A withdrawal from your policy may result in a charge to higher rate income tax liability".

Am I right in thinking that I don't have tax to pay? Is there any info I have to double check? I think it meets conditions for being a qualifying policy.

Thanks

Comments

  • dunstonh
    dunstonh Posts: 120,396 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Am I right in thinking that I don't have tax to pay?

    A non-qualifying endowment could have tax to pay. A qualifying endowment would not as it would have met qualifying rules.
    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.
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