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Life insurance and self employed tax return
Saffasaver
Posts: 10 Forumite
in Cutting tax
Life insurance paid out for husband after being diagnosed with cancer. Pay out received in 2023.
On this years tax return it asked about whether he had received any money from a life insurance pay out ( it was under gains )
questions:
1 Is life insurance payouts taxable? ( he didnt die so its not covered by inheritance)
2. it was a joint policy, does he only decline his half or all of it.
thank you
On this years tax return it asked about whether he had received any money from a life insurance pay out ( it was under gains )
questions:
1 Is life insurance payouts taxable? ( he didnt die so its not covered by inheritance)
2. it was a joint policy, does he only decline his half or all of it.
thank you
0
Comments
-
No tax on this. The only potential exposure is the increase in the value of one’s estate at time of passing with respect to any inheritance tax payable.You are possibly thinking of chargeable events which have an investment aspect.0
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