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Tax on Life Insurance savings benefit pay out

Posted 2 February 2016

Robb85 says:
2 February 2016 at 13:47

I have a life insurance policy which I need to cancel. The policy includes a savings benefit which will be paid out to me upon cancellation. Will I pay tax on this amount and if so at what rate?

TaxTim TaxTim says:
2 February 2016 at 15:38

No you will not pay tax on this amount paid to you.

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