Royal London

geogobdaw

Hi can anyone help me out here. I took out a policy with Royal Liver about 8 years ago, they were taken over by Royal London plus. I stopped paying into it in 2009 as job went and just left the money there as it was a 10 year policy and the value had gone down below what I had paid in anyway because of the recession. Anyway I paid in about 8,000 altogether and really looked at it as my just in case money.

Received a letter today saying that because 8 years was up , my policy had gained 1693 euro (not much for 8 years!!) but the best is they have deducted 609 euro in tax for revenue. Now it doesnt say if this is for Irish revenue or English as it is an English based company. Can't see me owing this much as my income is still very low, no regular work since job went. Tax was calculated at 36%. Have gone to their website but no information there.

Anyone know how to claim this back, obviously not resident in UK. But don't know what revenue its gone to!! If I have to pay it prefer if it went to Irish revenue anyway. Would really appreciate any information you can give me.

Thanks

okiss

I would get a photo copy of the letter you got from Royal London re the value of savings and send it with a letter like this below in writing to your local tax office.

To whom it may concern,
I have recently got this letter from Royal London re the investment plan I set up with them ( on such a date/year). This policy has now matured and I have paid 36% tax on this.
The tax taken here may be wrong as I am currently unemployed and my pps number is ( ////). Can you let me know if I am due any tax back on this.
thank you, yours sincerely ////

One of my friends had a similar issue to you but they sent a letter like this to the tax office. They got a refund at the time. They were still unemployed at the end of this same tax year so they sent a letter to the tax office again and got another few euro back.

Browney7

You've been charged life assurance exit tax at a rate of 36℅ (now 41℅). This tax is deducted by the life company on taxable events like policy encashments. The revenue commissioners want their pound of flesh though so they insist that on the 8th policy anniversary the company must calculate what tax would be due if the policy was encashed at that date and pay accordingly.

Pretty sure there's no exemptions to this tax I'm afraid except for charities and non residents

geogobdaw

Ah, thanks to you all for being so kind to answer this. but the problem is that I still don't know what revenue it was paid to, If it's Ireland fair enough because I know the way they work is just do their calculations at the end of the year and look at the God Help Us! and get the refund.

But if it was paid to english revenue have no idea how to reclaim, tried ringing them today but no luck.

Really appreciate ye taking the timeXX really nice of ye))

Browney7

geogobdaw wrote: »

Ah, thanks to you all for being so kind to answer this. but the problem is that I still don't know what revenue it was paid to, If it's Ireland fair enough because I know the way they work is just do their calculations at the end of the year and look at the God Help Us! and get the refund.

But if it was paid to english revenue have no idea how to reclaim, tried ringing them today but no luck.

Really appreciate ye taking the timeXX really nice of ye))

Realistically it was paid to the Irish revenue and you won't be able to get a refund. Its like dirt tax.