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Endowment Tax Query

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Prudie | 19:30 Wed 07th Aug 2013 | Business & Finance
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Any help please, internet gives varying answers. A with profits endowment policy is shortly due to pay out £20K after 20 years. Will tax have to be paid on it? Recipient is full time employed with the standard tax code.
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factor-fiction
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The HMRC site suggests not. The gains probably wouldn't be anywhere near the CGT allowance anyway http://www.hmrc.gov.uk/helpsheets/hs320.pdf
19:53 Wed 07th Aug 2013
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Avatar Image factor-fiction
No, not if it's run its course
19:33 Wed 07th Aug 2013
Avatar Image factor-fiction
Have you got a link that suggests tax might be due, Prudie?
19:34 Wed 07th Aug 2013
Avatar Image Prudie
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Hi factor. this one for example. It's not clear (to us) on the capital gains tax issue.
http://www.money.co.uk/article/1000083-endowment-tax-issues-explained.htm
19:45 Wed 07th Aug 2013
Avatar Image factor-fiction
The HMRC site suggests not. The gains probably wouldn't be anywhere near the CGT allowance anyway
http://www.hmrc.gov.uk/helpsheets/hs320.pdf
19:53 Wed 07th Aug 2013
Avatar Image Prudie
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Thanks for that link, reading through I believe there won't be any tax to pay.
20:28 Wed 07th Aug 2013

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