Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Maturing Endowment- tax??
taper
Posts: 29
Forumite
in Cutting tax
Hi
I took out a savings endowment policy in May 2000 for 25 years which matures in a few months. It was only £30 a month but will be a nice bonus when it comes through.
Ive received a letter today just confirming the upcoming maturity. However it does say that any gains are taxable.
Would this be income tax, tax on savings interest over PSA or capital gains tax? I wasn’t expecting a tax impact so am a little confused.
If it’s savings tax the gains would put me over the PSA for next tax year but the gains have been made over a 25 year period where allowances weren’t utilised.
Any help would be appreciated.
I took out a savings endowment policy in May 2000 for 25 years which matures in a few months. It was only £30 a month but will be a nice bonus when it comes through.
Ive received a letter today just confirming the upcoming maturity. However it does say that any gains are taxable.
Would this be income tax, tax on savings interest over PSA or capital gains tax? I wasn’t expecting a tax impact so am a little confused.
If it’s savings tax the gains would put me over the PSA for next tax year but the gains have been made over a 25 year period where allowances weren’t utilised.
Any help would be appreciated.
Thanks
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179.1K Life & Family
- 264K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards