Endowment maturity

[Silver993tt]

I have an endowment that's about to mature. The mortgage was paid off years ago. Is there any tax liable on the funds at maturity? I'm a bit confused as if I still had a mortgage I would use the funds to pay off/part of the mortgage and wouldn't expect to pay any tax on the funds prior to paying off the mortgage.

[sherman]

Does the tax really worry you. Its basically free money to you. Yes you have been paying in for x number of years but you havent been missing that money so whatever you get out of it will free to do with as you please.

[Silver993tt]

sherman said:

Does the tax really worry you. Its basically free money to you. Yes you have been paying in for x number of years but you havent been missing that money so whatever you get out of it will free to do with as you please.

No, not worried just want to know the correct way to handle the funds and if I need to declare them at all.

[ellroy]

If it's a qualifying policy, it will be, and you've paid in at least 2/3rds of the premiums, sounds like you have as its maturing, there will be no further tax liability irrespective of your tax position.

[Silver993tt]

ellroy said:

If it's a qualifying policy, it will be, and you've paid in at least 2/3rds of the premiums, sounds like you have as its maturing, there will be no further tax liability irrespective of your tax position.

I've paid all the premiums over the last 25 years and it matures next month.

[ellroy]

99% sure it'll be qualifying, as virtually all endowments for mortages were, it should say that on the policy schedule though.

If you've paid all premiums no more tax to worry about then.