Property News · April 18, 2012

Will my failing endowment be taxed?


Q My endowment policy matures in 2013. It is no longer connected to my mortgage – thank goodness, as there’s a massive shortfall – so will the proceeds be subject to tax? I am a higher rate tax payer and am concerned that not only did this policy fall short to the tune of £50,000, but adding insult to injury I’ll have to pay tax on what little I do get. JLA You will be pleased to hear that no, you won’t face a tax bill on the proceeds when your policy matures. The kind of regular premium endowment policies that used to be sold to back interest-only mortgages come under the heading of “qualifying” policies. Continue reading…

Source : theguardian.com
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