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A five-year endowment policy matured on 1 August 2017 with a maturity value of £40,000. The policy had been taken out with a single premium of £30,000. What is the amount of the top-sliced gain?

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Open-access content Monday 6th November 2017

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A -- £10,000

B - £40,000

C -- £8,000

D -- £2,000


Answer:

D: The chargeable gain is £10,000 being the maturity value of £40,000 less the single premium of £30,000. The top sliced gain is £10,000/5 years = £2,000.

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