ianandhelena

If I have a UK endowment policy do i declare this on my aus tax return?

Grayling

Yes....and you will have to pay tax on the annual growth

G

SunshineGirl

So would you recommend cashing it in?

ianandhelena

according to this page i am exempt if my holding is less than $50,000 (which it is).
http://www.ato.gov.au/individuals/co...1/002&st=&cy=1

Grayling

Correct...but it should still be declared.

Once you go above $50000 then you pay tax on the lot!

G

Grayling

Has to be down to personal circumstances.

Worth taking expert advice.

G

Macquarie

In answer to your question I think you are supposed to declare all assets whether here or overseas.

I just wanted to mention that we cashed ours in before leaving. When I read up on our policy it stated that we had to be UK residents to continue with it so we bailed out (it was failing miserably anyway). I guess you don't have to tell them - not sure what implications there would be - but I expect someone else does.

Macquarie

Swerv-o

My endowment provider wouldn't let me carry it on overseas, so I cashed it in, as it too was failing miserably. Infact, the last projection was that it would underachieve by £12k - and it was only to cover a £30k mortgage! Didn't take much working out that one...

Got back just under what I had paid in.

Stupid endowments...

S

ianandhelena

mine is roughly in line with yours in the underachieving dept but i only kept it cos it's a std life one to get the demutualisation handout-i think now's the time to cash it in.

Grayling

It would be Tax evasion.....a criminal act.

G

Guitarfish

Before you 'cash it in' it's worth looking to see if someone will 'buy' it off you - often worth more than the surrender value .

Google 'sell endowment' and you'll find lot's of companies that buy them...

caleb2003

Mine is exactly the same as yours, with L&G so I sent the complaint letters about being missold and was rejected by them, so now I sent them to the ombudsman and believe I have a fair chance of winning. All info I got was from the moneysavingexperts forums on mortgages and endowments. Also I believe you can still complain even if you sold it or cashed it in as long as the time constraints are right.

Give it a go as it takes about 20 minutes to fill in the forms.

dolly1

Hi can you please give me the web address. Thanks

caleb2003

Article is here: http://www.moneysavingexpert.com/cgi...38020285,19271,

Forum is here: http://forums.moneysavingexpert.com/...ad.html?t=4722



Good luck.

Auzziebound

I received £1,800 after writing to Standard Life last year about being missold the policy.......... I'm just waiting to recieve my share money which should be sometime this month, then I'll be trying to sell my policy..... I've been told you get more than cashing it in to the company.