Endowment completes next year - tax implications?

[Biggus thingus]

Not a vast amount of cash(about £25k)

Currently just under the £50k limit for child allowance so this windfall will push me well over

Can I change the recipient to Mrs thingus? Anything I can do to minimise impact? Gift it? Etc

[TwigtheWonderkid]

Do endowments count as earned income. I would have assumed it was just another form of insurance payout.

[Somebody]

Ask your provider if your policy is a "qualifying" policy. If "qualifying", the proceeds will be tax free; and won't count for income tax nor capital gains purposes.

[craig1912]

TwigtheWonderkid said:

Do endowments count as earned income. I would have assumed it was just another form of insurance payout.

Most endowments are paid out tax free as long as they are a qualifying policy. They are never taxed as earned income.
Qualifying policy rules

What are the basic Qualifying Policy conditions?
Term of at least 10 years
Annual premium must be:
< 1/8 x total premiums payable
< 2 x premium payable in any other 12-month period
Payable annually or more frequently
From 6 April 2013 the maximum premium an individual can pay into qualifying policies to remain fully qualifying is £3,600 a year
Minimum sum assured test

[MattS5]

Biggus thingus said:

Not a vast amount of cash(about £25k)

Currently just under the £50k limit for child allowance so this windfall will push me well over

Can I change the recipient to Mrs thingus? Anything I can do to minimise impact? Gift it? Etc

A little unrelated, but if you're pushing the £50k tax step in salary, make sure you're increasing your pension contributions to keep it under the limit.
Better off getting the tax free contributions, as oppposed to the element being taxed 40% and losing the child allowance, in ratio, to £60k

[Jon39]

Endowments normally incorporate a life assurance death benefit. (It is not the death that is the benefit, but the payout.)
That life assurance part makes the whole policy count as life assurance, so should not be any tax deducted