UK endowment policy maturing

[mct1]

I have an endowment policy with a UK company from a house I owned there and 13 years ago when I moved over here. I was advised to continue paying into the policy which will be worth around £35,000 rather than the original prediction of at least £60,000 when it matures in a couple of years time.

The sum would not be taxable in the UK, but I read somewhere a few years ago that the Revenue here would consider it taxable. Does anyone know if this is true? Tax has already been paid on the money I transfer over to pay into it.

 

[philips]

Sorry, I cannot answer your question but perhaps you might find information on the Revenue website?

 

[ClubMan]

Any use? You might need professional advice. I am not a tax expert!

Guide to Completing 2007 Pay & File Returns

Foreign Life Policies (Sections 730H, 730I, 730J, 730K TCA 1997) [315]

Where a taxpayer has sold, made withdrawals from, or received any cash or other benefits from a foreign life
assurance policy or a personal portfolio life policy, often referred to as a bond, with a foreign assurance
company, they may have made a gain from a foreign policy. Receipts from policies that issued from an ‘offshore
State’ are taxable income. An offshore State is a country other than Ireland which is a Member State of the
European Union (EU) or European Economic Area (EEA), or any Member State of the Organisation for
Economic Co-operation and Development (OECD) with which Ireland has a Double Taxation Agreement.
A foreign life policy is in general terms one normally issued from outside Ireland. However, a policy taken out
with the Irish branch of an overseas assurance company is treated as an Irish policy provided certain conditions
are met.

 

[mct1]

Thanks to both for helpful replies. I'll look into that further.