Hello and welcome to the site. Thank you for your question.I presume your question is whether you have to declare these policies in your tax return 2014...
There is no tax liability as long as your policy remains a qualifying policy. This means it must have had a term of 10 years or more at the outset, run for at least 75% of its term and during the whole term premiums must not double or halve. you will get all the proceeds tax free, regardless of your tax rate.
Based on information provided you don't have to report the poceeds on your tax return.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
In 2005 the policies were changed from whole of life to endowment. The bebefits were the same but the premium increased. Does this make a difference
Sorry to chase detail as I plan not to include this in my tax return - no liability to you.
What is the difference between a qualifying and non-qualifying policy. Why does the Inland revenue say most foreign policies are nonqualifying?
Rob, thank you for your reply.I am providing you a link to an article that explains the difference between qualifying and non-qualifying policies and also the tax implications.
Please advise what your total income from your various pensions is.
The proceeds are approx NZD 60,000 (around GBP29,600). What was your premium contribution over the term?
I am satisfied that you don't have to report this gain on your tax return 2014.I hope this is helpful.
I thank you for accepting my answer.
Your reward of a generous bonus is greatly appreciated.Best wishes.
My total income is £62,000. I cannot work out my premiums accurately but it is approx 38000 I think. If it is important I will email AMP in New Zealand for a more exact figure. I hope they still have it as the policies are paid up.
38,000 New Zealand dollars that is !
no the £62000 is my NHS pension, state pension, and £6000 of private anuities
It will take some time but I will reply. Do I just use this thread and it will be directed to you?