Tradefair & Financials
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18 Mar 11
09:57
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Date Joined:
10 Nov 05
my endowment was not working out so i moved to a repayment and kept the endowment. if i do not use the endowment to pay off my morgage do i have to pay tax on it ?
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If you don't encash it, but make it 'paid up' and let it run to its expiry date - it will not be subject to tax.
If you cash it in you may be liable to tax:
Endowments enjoy an excempt tax status, but only if you keep them running for at least three-quarters of the policy life and a minimum of ten years. If you are a higher rate tax payer you will face having to pay the difference between the standard and higher rate of tax.
If you cash it in you may be liable to tax:
Endowments enjoy an excempt tax status, but only if you keep them running for at least three-quarters of the policy life and a minimum of ten years. If you are a higher rate tax payer you will face having to pay the difference between the standard and higher rate of tax.
i am a higher tax payer but if i let it run i will be ok, is that correct
i am a higher tax payer but if i let it run i will be ok, is that correct
Yes
Yes
thanks
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