My man passed away and had £128000 in personal investment plan with Halifax and there saying could be worth £500000 so have to pay capital gains? Really don’t understand as if we’re not getting latter amount why should we pay what could be worth?
UK Life insurance
- Thread starter Osborne
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bklynboy
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Not following this. Life insurance proceeds are free from income tax (may be subject to an estate tax but I believe spouses are exempted). What type of policy is this and what do these numbers represent? The only way I can see that the numbers are different is that the 128 is the deat hbenefit and the 500 is the cash value which includes dividend reinvested to buy more insurance. You really need to talk to a financial planner and share the documents with them to understand what is going on here.
Becky
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Sorry for your loss 
This isn't an area I know much about, but you can find more information about the topic here: https://www.gov.uk/government/publi...s320-gains-on-uk-life-insurance-policies-2017
The insurer should be able to help you answer any questions you may have.
This isn't an area I know much about, but you can find more information about the topic here: https://www.gov.uk/government/publi...s320-gains-on-uk-life-insurance-policies-2017The insurer should be able to help you answer any questions you may have.