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Offshore Life Assurance policy drawdown
Crsm123
Posts: 1 Newbie
in Cutting tax
Hi,
I have an offshore life assurance policy that I contributed to whilst a non-UK resident. I have since moved back to the UK and contributions stopped. I now want to cash-in a portion of the life assurance policy.
I understand that I need a chargeable gains certificate.
I also understand that I can withdraw 5% of total contributions for each year from the first anniversary of the start of the policy.
I really want to understand my tax liability (if any) if I take a lump sum. So for example if I had contributed 100K in the last 10 years and I wanted to withdraw 40K would there be any tax to pay?
I am a lower rate tax payer with only dividend and bank interest as income.
I have an offshore life assurance policy that I contributed to whilst a non-UK resident. I have since moved back to the UK and contributions stopped. I now want to cash-in a portion of the life assurance policy.
I understand that I need a chargeable gains certificate.
I also understand that I can withdraw 5% of total contributions for each year from the first anniversary of the start of the policy.
I really want to understand my tax liability (if any) if I take a lump sum. So for example if I had contributed 100K in the last 10 years and I wanted to withdraw 40K would there be any tax to pay?
I am a lower rate tax payer with only dividend and bank interest as income.
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