Do I have to declare in my tax return when I cashout my personal life insurance policy started way before 1983?
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27 views3 replies
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3 replies
No - more than 10 years old.
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No - more than 10 years old.
Much appreciated Bruce4Tax
Hi @hnhmcc,
You don't need to declare the cash-out of your personal life insurance policy. The cash-out or surrender of your policy from before 1983 isn't treated as taxable income.
If your policy started on or after 28 August 1982, you only need to declare bonus amounts if you received them within 10 years of the policy start date and certain other conditions applied. However, this doesn't apply to your pre-1983 policy.
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