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I'm trying to understand if a "Qualifying Policy" can become
I'm trying to understand if a "Qualifying Policy" can become a "Non Qualifying Policy". In 1996 we had a 10 Year Savings Plan (Non Qualifying) (premium of £50 per month) at the outset but it had a "Mo… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,038 satisfied customers
I have recently received a Chargeable Event Certificate
Hi, I have recently received a Chargeable Event Certificate for a Policy that I have surrendered a couple of months back. I was informed by he insurance company that I need to declare this to HMRC. I … read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,038 satisfied customers
Sam , our endowment policy was taken out in 1990 therefore
Hi Sam , our endowment policy was taken out in 1990 therefore it has just matured. As it is no longer tied in to our mortgage it was been sent directly to our bank account can you tell me if we need t… read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
6,320 satisfied customers
Dear XXXXX I am preparing a tax return for a client who has
Dear XXXXX I am preparing a tax return for a client who has received £15113 as a surrender on an endowment insurance policy. Does this have to entered on his tax return? Thank you Steve… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
Hello I have received a chargeable event certificate from
Hello I have received a chargeable event certificate from Legal and General. I am a higher rate taxpayer aged 57 (My wife is 61) The L&G bond was an investment by 3 policyholders:- My father who died … read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,038 satisfied customers
Hi Sam, Here is the supplimentary information that Old Mutual
Hi Sam, Here is the supplimentary information that Old Mutual refered to in their answer to me. "http://www.skandiainternationalknowledgedirect.com/Financial-Planning-Solutions/Default/UKtaxation- of-… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
Re: Mortgage Endowment Policy (MEP) I have just had a 25
Re: Mortgage Endowment Policy (MEP) I have just had a 25 year MEP mature with a payout of £25k. The terms of the policy were monthly payments of £37.00 for 25 years. The Assurance Company have told me… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,038 satisfied customers
I received a payout on a maturing 25yr endowment of £20.2K .
I have just received a payout on a maturing 25 yr endowment of £20.2K. Premiums paid in full every month of the term amount to £9876, so the gain is £10,324. I am pretty sure from the definitions I ha… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
due to the sale of my late fathers house i will be liable to
due to the sale of my late fathers house i will be liable to pay capital gains tax,so i will gift a percentage to my husband.My question is as he had an endowment mortgage payment of £25,000 earlier t… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,038 satisfied customers
Can we get tax relief and at what percentage rate on a 25-yr
Can we get tax relief and at what percentage rate on a 25-yr with profits endowment policy, taken in Dec 1985 which was on £80,000, expired in Dec 2011 and we were paid only £47,500? The montly premiu… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,038 satisfied customers
Hi I want to find out how much Capital Gains Tax my Mum will
Hi I want to find out how much Capital Gains Tax my Mum will pay after surrendering in a Capital Preservation Plan which consisted of an endowment in her name and a term assurance policy held in trust… read more
CCTax
CCTax
Bachelor's Degree
254 satisfied customers
24 years ago I started a with profits endowment policy as security
24 years ago I started a with profits endowment policy as security for an interest-only mortgage. I have subsequently paid off my mortgage in full, but I kept the endowment premiums going and the poli… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
I have a chargeable gain from a Prudential Savings account.
I have a chargeable gain from a Prudential Savings account. My total income including the chargeable gain is subject to tax at the basic rate. Do I need to pay any tax or complete a SA tax return?… read more
Julie Kingham
Julie Kingham
Director
Chartered Tax Adviser
154 satisfied customers
I have just surrendered (after 21 years) 2 endowment policies
I have just surrendered (after 21 years) 2 endowment policies for the total surrender value of £28.5K with chargable gains of £5322 and £3847. The notional tax is stated as £1064 and £769 on the surre… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,038 satisfied customers
I left my husband oct 2007 left him with house and business
I left my husband oct 2007 left him with house and business (turns out i wasn't partner in business after all anywa) he sold our house for £207,000 and paid off most of his debts. however He gave me £… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
I am considering surrendering a With Profits Life Assurance
I am considering surrendering a With Profits Life Assurance Policy approx one year before it is due to mature. I have received the Surrender Value from the Company concerned and am wanting to proceed,… read more
TEAP007
TEAP007
Tax Preparer
Fully Trained Inspector of Taxes B1
759 satisfied customers
Am going through a splitting of assets..We have 3 endowments,
Am going through a splitting of assets..We have 3 endowments, 2 of which are joint and total £19,200. The other is in my sole name and the surrender value is £12534. My wife wants me to take these pol… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
If I close an endowment policy before it is due to mature will
If I close an endowment policy before it is due to mature will i have to pay any tax on it?… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
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