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Sam, Accountant
Category: Tax
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My wife and I took out a life assurance policy in Jan 1992

Customer Question

My wife and I took out a life assurance policy in Jan 1992 at a cost of GBP 30,000. Friends Life advise that the surrender value on 2nd Nov was GBP 92,500 and that the policy is non- qualifying, so that surrender would create a chargeable event for tax purposes. We have no other capital gains in the last ten years. What are the tax implications if we surrender at this time, please?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 1 year ago.

Have you ever made any cash withdrawals from the bond? Are you both beneficiaries of the bond? What are your respective annual incomes before tax?