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Endownment Policy Maturing
derek007
Posts: 23 Forumite
in Cutting tax
I earn £40k/year and have an endownment policy maturing £15k. Am I laible for tax ?
I will probably re-invest some and spend the rest. Will this reduce the potential tax bill ?
0
Comments
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Endowment (not endownment ) policies are generally free of tax on maturity.Why do you think there is a tax liability?0
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Because my total income that year will be £55k. The first £40k of which is my salary which will be taxed ?
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The endowment is tax free and does not have to be declared.It wouldn’t matter if you earned £1million elsewhere!0
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