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Aviva Tax

Hi I wonder if anyone could help out with a payment going into bank account noted Aviva Tax? 

Previously it was around £50 per month and after my mother in law passed away it dropped to £25ish. My father in law doesn't know anything about it and has just been diagnosed with dementia so we're just trying to make sure everything is in order for him. 

I've had a look online but can't seem to find anyone that tells me what it would be for. 

Any help much appreciated 

Comments

  • dunstonh
    dunstonh Posts: 121,236 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Sounds like an annuity.    Reasons for that are 
    a)  The annuity goes through payroll and is taxable.
    b)  The old fashioned default was 50% spouse on annuities (mainly based on contracting out of SERPs that required a 50% spouse entitlement).  i.e. when one dies, the surviving spouse continues to get half for the remainder of their life.  

    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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