My siblings and i have a death insurance policy taken out. Every five years you get some money back from your policy. Are we liable to pay tax on this money (which is a small amount).
No the tax will already be paid through the insurance company. However i would check out your insurance policy as most policies that offer cash back are geared towards savings rather then lifecover. They only really benefit the person selling them. Make sure to get some good Financal Advice form an independent broker before making any changes.