will i have to pay tax if i surrender an endowment policy?

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will i have to pay tax if i surrender an endowment policy?

2007-09-16 07:13:57 · 3 answers · asked by Vic D 1 in Business & Finance ➔ Taxes ➔ United Kingdom

3 answers

If it was written before 1968 then probably not. Otherwise the insurance company may deduct tax depending on whether it was an approved policy.

2007-09-16 09:46:08 · answer #1 · answered by Do not trust low score answerers 7 · 0⤊ 1⤋

Any Tax due will be deducted by the Insurance Company before paying out.

2007-09-16 09:48:01 · answer #2 · answered by Steve B 7 · 1⤊ 1⤋

tax will be taken out at base rate by insurance company however if you do not pay tax or your earnings are lowyou may be able to reclaim the tax from inland revenue.

2007-09-20 06:37:55 · answer #3 · answered by alan t 3 · 0⤊ 0⤋