RNPFN (Now LV) Policy Maturity - Chargeable Event Notification

Rheumatoid

My wife has held a couple of these policies since she started work in health in 1986.

One matured October 2023 and £24000 was paid out. The other matured 31/1/24 and £19500 was paid out.

We have only been issued with a chargeable event certificate from LV for the policy that matured 31/1/24. This states:
- amount of tax treated as paid / deducted = £2742
- gain arising on this chargeable event = £13710

I don't understand why only one maturity has triggered a chargeable event and in any case I was under the impression that these things paid out tax free.

Can anyone shed any light on what is going on?

Thanks.

dunstonh

We have only been issued with a chargeable event certificate from LV for the policy that matured 31/1/24. This states:
- amount of tax treated as paid / deducted = £2742
- gain arising on this chargeable event = £13710

Did it mature or was it surrendered?

A qualifying investment bond being held until maturity would not suffer a chargeable event.    A surrender would.  
If the plan was not qualifying (rare but exists) then it would be a chargeable event.

Rheumatoid

dunstonh said:

We have only been issued with a chargeable event certificate from LV for the policy that matured 31/1/24. This states:
- amount of tax treated as paid / deducted = £2742
- gain arising on this chargeable event = £13710

Did it mature or was it surrendered?

A qualifying investment bond being held until maturity would not suffer a chargeable event.    A surrender would.  
If the plan was not qualifying (rare but exists) then it would be a chargeable event.

Thanks Dunston. Both policies ran until their maturity date. Maybe LV have Messed up then? I will get in touch with them to ask why they have sent it.