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I pay premiums into a long term savings plan. Which value should I declare under the savings in Box 3?


Question:

Could you please advise what value do you enter on box 3 for savings in a long term plan? I invest monthly premiums in a fund which matures when I‘m 65. When I file the tax return do I declare the value as

  1. sum of premiums paid,
  2. market value as of Jan 1st or
  3. value if I were to access the fund?


All 3 values are different and since this is a fund I can‘t access until it matures without penalty I‘m interested in knowing how this is treated for taxation.

Answer:

The value which must be declared is the market value on January 1st. This value will be mentioned on the year end statement you will have received from the savings plan provider.

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