cashing in a managed fund.

M

Mickser_52

Guest
I have been paying into a managed fund with an "Assurance" company for many years. Its current encashment value is about 20,000€ and has been for the last few years despite my paying in over 100€ per month.

I have 2 questions:

1. If I cash in the fund, will I have to pay income tax on the amount.
2. Where could I best invest this money in the medium to long term
 
If the policy was started before 2001 you will not have to pay tax on the proceeds as tax will have been paid internally by the fund before you get your return. If the policy was started after 2001, you will pay Exit Tax on the proceeds but that will be calculated and deducted by the life assurance company.

Your second question requires a lot more information about yourself before anyone can give a meaningful reply, e.g. your assets and liabilities, your age, your attitude to risk/reward, timeframe you can invest for etc.
 
Thanks for your reply. The policy was taken out in 1986 so that takes care of the tax issue. I see that I will need to consider a number of different factors in relation to the next step to take.
 
You must log in or register to reply here.
Back
Top