England UK

No tax is due unless there is a gain, and the policy has not been in force
for 10 years.

It only applies to higher rate taxpayers (or those who become higher rate by
virtue of the policy gain).

The tax rate is a 20%. The tax due can be lessened or eliminated through Top
Slicing Relief.
--
Doug Ramage

[Watch Spam Trap]

"anthony" <replytogrouponly@nomail.box> wrote in message
news:7f8Od.38396$B8.22205@fe3.news.blueyonder.co.uk...
>I do like that answer. I've just been sorting out my endowment also as it
>was going nowhere fast.
>
> So, you can release your funds as cash and the tax man will be ok and not
> slap some silly 40% tax bill on the hard earned money you have in some
> silly policy if you surrender it?
>
> If they do, they stink. . but we all know that ;)
>
> Kenny Lingus < wrote:
>> zero wrote:
>>
>>>Would the payout on such a misselling case (yes i know - fat chance .
>>>. .) be tax free ?
>>>
>>>thanks
>>
>>
>> Yes
>>