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Uk Critical illness insurance - taxable?

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  • #1

    Uk Critical illness insurance - taxable?

    Hi,

    I've been very lucky and my criticial insurance has paid out following my diagnosis (glad now I took the policy out 11 years ago), but is it taxable?

    I don't think it is, but does anyone in UK know whether or not you've still got to declare it on a tax return? Tax info. seems to suggest that you have to for life insurance, but I'm not clear if that applies to a critical illness insurance payout.

    Anyone know? Thanks!
    15/6/11 Right radical orchidectomy and biopsy left side
    27/6/11 Right seminoma T1 and intra-tubular neoplasia on left
    29/6/11 Staging CT
    4/7/11 Staging CT 'clear'
    14/7/11 Histology update: Seminoma on right - rete invasion, but actually NO intratubular neoplasia on left.
    5/8/11 Adjuvant carboplatin
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  • #2
    Hi Olp,

    I also claimed successfully on critical illness insurance.

    It is entirely tax-free, as you have not earned the money; it is compensation.

    Spend it wisely!

    Cheers,
    Adrian
    July 2010 Stage one seminoma, 4.8cm. Rete testis invasion. HCG 28.
    Sept 2010 Single dose carboplatin (AUC x 7)
    Dec 2010 Tumour markers normal.
    Mar 2011 Follow-up CT scan - clear.
    Sept 2011 CT and CXR - clear.

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    • #3
      Indeed. I too claimed successfully. It is tax free.
      Nick

      Embryonal Carcinoma; Seminoma. Marker negative.
      August 2001: Right I/O .
      August - December 2001: Surveillance .
      December 2001: Relapse - Stage III. Mets in lymph nodes and lung.
      December 2001 - March 2002: 3xBEP .
      Complications: Neutropaenic sepsis during cycles 1 & 3. I/V antibiotics and isolation.
      March 2012 - Ten years since finishing chemo.

      Survivorship Blog is here

      Comment

      • #4
        Thanks, both, that's good to know!
        15/6/11 Right radical orchidectomy and biopsy left side
        27/6/11 Right seminoma T1 and intra-tubular neoplasia on left
        29/6/11 Staging CT
        4/7/11 Staging CT 'clear'
        14/7/11 Histology update: Seminoma on right - rete invasion, but actually NO intratubular neoplasia on left.
        5/8/11 Adjuvant carboplatin

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