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Sam
Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Anthony ******* N.I,No ZR 01 27 og, Anthony ******* N.I.No.

Customer Question

Anthony ******* N.I,No ZR 01 27 og B JA: Have you talked to a tax professional about this? Customer: Anthony ******* N.I.No. ZR 01 27 09 B JA: Anything else you want the Accountant to know before I connect you? Customer: I have just surrendered policy no. H64016662 a unit linked investment policy with Royal London. This policy has matured over a 25 year period. The surrender value £21,123.80. my gain being £16123. My income is from a personal pension and my state pension and I am in the low tax bracket. Do I have to pay tax on the gain in value? JA: What are the assets or property for this capital gain? Customer: No other assets from this gain. The money being used to supplymeny

Submitted: 7 days ago.
Category: Tax
Expert:  bigduckontax replied 7 days ago.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

Was this a life insurance policy?

Customer: replied 7 days ago.
although the policy was in my name it covered both myself and my wife
Expert:  bigduckontax replied 7 days ago.

How much was the premium?

Customer: replied 5 days ago.
The Unit Linked Investment Policy was taken out 25 years ago with an investment of £5000 pounds, it has not been added to in the meanwhile. The final payout being £21,123.80 with a gain of £16.123. I have added my present income from the state and occupation pensions plus the money from the investment policy and it would still bring me below the £50.000 for the lowest rate of tax. Please excuse the delay in my replies but I am in my mid eighties and am the carer for my wife with Alzheimers.
Expert:  bigduckontax replied 5 days ago.

How horrid, my sympathies are with you. In my opinion this gain is outside the scope of UK taxation and I would advise theta you emulate Brer Fox, 'For he lay low and say nuffin.'