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endowment tax

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homer75 | 20:12 Tue 21st Mar 2006 | Business & Finance
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Will I have to pay income tax on an endowment which is maturing next year ? It was originally to be used to pay off a mortgage but I cleared that off many years ago and kept it going as a means of saving. Can anyone advise me on this please ?
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Avatar Image dzug
Not if it's run its full term. There is sometimes tax to pay if you cash in early, but not on maturity.
20:21 Tue 21st Mar 2006
Avatar Image Loosehead
No, most endowments are "qualifying" that means when they where sold there was a sufficient element of life cover to make all the proceeds tax free. Don't hold your breath though, budget tomorrow, Gordon will be looking!
20:25 Tue 21st Mar 2006
Avatar Image homer75
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Thanks dzug thats goood news for me.


Loosehead, you got me worrying again ! lol


Thanx guys

20:47 Tue 21st Mar 2006
Avatar Image Ethel
Don't worry.

Even if the rules are changed in the budget it won't apply to existing endowments.
21:36 Tue 21st Mar 2006

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