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

Sep 17, 2003 2 Replies

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Cubik 22 years ago

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

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Doug Ramage 22 years ago

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

Correct.

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Cubik 22 years ago

Thanks for clearing that up

Cubik.

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