had a endowment policy 25yr with basic sum assured, however payment wasnt made during the policy for around 13months they failed to action DD. i didnt realise foolishing for some time, that was 16yr into policy
they then reinstated policy but told be IT MAY BE NON QUALIFYING, they only said maybe, i asked them about it and they said if i cashed it in before maturity tax would need to be paid. well i let it runs its term
Well its matured received funds but 2 weeks later get a Chargeable event for £20,660 out of the blue
Called hmrc they thought all mortgage endowments should be qualifying, im getting confused
OH is a basic tax payer i dont pay tax if tax needs to be paid the amount chargeable is approx £20,660 with tax already paid at 20%, is the term 25yrs important.
As its a joint policy do we take 50% of the gain each im totally confused helpline wernt great, do i still have to report a chargeable event even if there is no tax to be paid.
Also will HMRC come looking for me when they receive the certificate from insurance company they still had my old address, or will they realise new address
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