FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Tax on Life Insurance savings benefit pay out

Posted 2 February 2016

Robb85 says:
2 February 2016 at 13:47

I have a life insurance policy which I need to cancel. The policy includes a savings benefit which will be paid out to me upon cancellation. Will I pay tax on this amount and if so at what rate?

TaxTim TaxTim says:
2 February 2016 at 15:38

No you will not pay tax on this amount paid to you.

This entry was posted in Tax Q&A and tagged . Bookmark the permalink.



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.