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Another cash in an endowment question (Taxable or not?)

I'm cashing in an endowment where the surrender value is 3692.80

I've paid into this endowment a total of about 4600 over the last 11 years.

Reading the literature that comes with the cash in amount details, it looks like it may be classed as taxable income so my question is :-

Is tax only payable on a profit made when I cash in the endowment or on the total amount payable?

If it's only payable on any profit made then I assume I won't owe the taxman anything as I've paid in more than I got back

Can anyone please confirm, the paperwork isn't very clear.

Thanks

Reply to
Cubik
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Only on a gain, and even then only in certain circumstances.

Correct.

Reply to
Doug Ramage

Thanks for clearing that up

Cubik.

Reply to
Cubik

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