I took the plan out as a savings plan and made one payment of £10,450 16 years ago. It is a bond that is separate to any mortgage or anything else. I have not made any of my 5% per annum withdrawals and made no further investments either. I was trying to decide whether to take my 5% deferred payments for the 16 years as a partial withdrawal or en cash the whole policy. I am currently just in the higher tax rate band so didn't want to create an additional tax charge. Originally I thought I could use my CGT allowance but then it seems it is Income tax and something to do with 'core top slice' but I am not sure how that works.
Thanks, XXXXX XXXXX I am better waiting until I go back to being a normal rate tax payer. Kind regards