Any point waiting for Budget 27 to withdraw funds?

[Joe Nonety]

Have a Zurich savings fund, which I was planning to end.
Is there any point waiting for budget?
Any changes in exit tax or the new savings scheme aren't going to be backdated are they?

 

[Duke of Marmalade]

Fair chance Exit Tax will be reduced. It will not be increased.

 

[Fortune]

Any changes in exit tax or the new savings scheme aren't going to be backdated are they?

They will not be backdated. However, if the budget reduces the rate of exit tax, then that rate will apply to any withdrawal/surrender made on/after the effective date of the reduction

 

[Duke of Marmalade]

A reduction will also cause a rebate of the now excess previous deemed disposal tax that has not already been set against actual Exit Tax on an encashment.
I know that is a mouthful but in other words if you encash now there will certainly be no rebate but if you wait and if the ET rate is reduced and if you have already paid deemed disposal tax and if you have not set it against actual Exit Tax then you will be due a rebate.

 

[Corola]

If the exit tax rate is reduced it will not be effective until 1st Jan 2027, so you would have to wait until then to benefit from it.

 

[Brendan Burgess]

@Joe Nonety

To make it simpler

1) How much did you invest originally?
2) How long have you had the investment?
3) Did you pay Deemed Disposal after 8 years?
4) What do you plan to do with the proceeds and when?

You should certainly wait until the Budget makes things clearer.
You can then decide if you need to wait further or not.