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Virgin PEP
i have an old virgin PEP from late 90s that then got taken over by equitable life and then ultimately Utmost. i am now trying to take out some of the money but am being told by Utmost that they have no record of the account being set up as a PEP and thus having the tax advantages that a PEP offers when i withdraw funds ie no tax on the withdrawal. Any suggestions on what i can do ?
Comments
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Was it converted to an ISA along the way perhaps?
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It's unclear what you are actually saying. Is it that Utmost has said that it's not an ISA?
Utmost wouldn't know that it was originally a PEP as their administration started after the abolition of PEPs. As long as it's in the ISA wrapper, then it's tax-free. If it was never originally a PEP but unwrapped, then you may well have capital gains tax issues.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2 -
thanks it went from pep to ISA so i will challenge them once more as they implied mit was not an isa or pep and thus impacted by CGT
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Just check your statements and see if it calls it an ISA. If it does, then you really have nothing to worry about.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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