# Taxation on Matured Endowments



## superslim (Feb 14, 2014)

Good Morning All

I'm hoping someone can help or point me in the right direction.

I want to know whether the premiums paid on a UK endowment policy are deductible against the maturity value.

I declared the full maturity value on a recent return and paid tax here in Spain accordingly, but am now wondering whether to pursue a "rectificacion" with the Hacienda. As the maturity value was over 9k there would be a reasonable amount of tax to come back if indeed the premiums are deductible.

I asked a local Asesor and he intimated that it would depend on the type of policy, and that I should have the policy schedule and terms and conditions translated by a certified translator - all of which will cost me a fair bit - to prove whether this is the sort of life insurance policy with deductible premiums or not.

Obviously I don't want to spend out more of my precious cash unnecessarily and/or unless I'm going to get the tax back on the premium element.

Does anyone have personal experience of this, or could point me to an information source (or alternatively a tax specialist that could help me without charging me more than the tax refund would be worth ...)? Thanks in anticipation


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