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cashing in UK endowment policy; tax?

  • 14-04-2007 1:00pm
    #1
    smblott
    Closed Accounts Posts: 11 ✭


    I'd appreciate some help on the tax implications of cashing in a UK endowment policy.

    I started this policy in the early 90s in the UK and contributed to it through to a few years ago. At that point I stopped making contributions, but just let the policy remain active.

    Now I'm considering cashing it in for its cash value. However, I've looked at some of the revenue documentation on capital gains tax, but it's still not clear to me what tax rules apply.

    I've noted that: non-chargeable gains include "gains realised from life assurance policies and deferred annuity contracts, unless taken out with certain foreign insurers on or after 20/5/1993" -- that may be me, because the policy was taken out in 1991.

    However, there is also some discussion of a 40% (punitive?) rate applying "Foreign Life Policies" ... but the explanation is confusing.

    The material I've been looking at is:
    - http://www.revenue.ie/leaflets/cgt1.pdf

    Any help would be appreciated!

    Many thanks!


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