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I have a Personal Investment Plan which is due to mature in 2016. The plan was taken out 10 years ago. I am considering taking out the profits which are in excess of £10,000. I am informed that I require to declare this as income and this would put me into the 40% tax threshold during 2016. Do I require to pay the additional 20% tax on the profits from the P.I.P. Is there a way of avoiding paying the additional 20% tax
.Can you tell me who the PIP is with please. Is there life assurance attached? Did you pay a single premium? Have you made any withdrawals to date?
The PIP is with Halifax Financial Services and also provides life cover.
I paid one premium in 2006 and have made no withdrawals since that date.
It is my intention to leave the original investment intact and and take any profits