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Endowment Policy Matures

  • 14-09-2015 09:14PM
    #1
    Gorteen
    Registered Users, Registered Users 2 Posts: 1,068 ✭✭✭


    Long story short...

    My wife and I lived in UK and when we bought a flat in the late 80's we had to take out a endowment policy. We sold the flat in 2000 and decided to keep paying the endowment policy (£65 per month) for the remainder of the 25 year term.
    It has now matured and is worth in the region of £42,000.

    We would have paid £65 x 12 x 25 = £19,500. A profit of £22,500.

    Do I need to contact Revenue to pay tax on this? :confused:


Comments

  • #2
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,544 ✭✭✭BrokenArrows


    You are not subject to tax in the UK on this policy as tax is paid on the interest earned as the policy earns it.

    Since there is a double taxation treaty between ireland and uk you shouldnt have to pay any tax here either.

    You should however call revenue and confirm.


  • #3
    Gorteen
    Registered Users, Registered Users 2 Posts: 1,068 ✭✭✭Gorteen


    BrokenArrows wrote: »
    You are not subject to tax in the UK on this policy as tax is paid on the interest earned as the policy earns it.

    Since there is a double taxation treaty between ireland and uk you shouldnt have to pay any tax here either.

    You should however call revenue and confirm.


    Thanks.......... I was hoping this might be the case, but I'm not savvy enough with financial matters to know. I'll visit Revenue


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