If you are a company director and you have life cover to protect your family, you could be paying more tax than you need to. Changes in legislation have allowed small companies to benefit by taking out ‘relevant life policies’.
These can be written on an individual basis so are available to all companies no matter how small.
Who is this type of policy for?
Directors of a company.
High-earning employees who have substantial pension funds and don’t want their death-in-service benefits to form part of their lifetime allowance.
Small businesses that don’t have enough eligible employees to warrant a group life scheme are now eligible for Relevant Life Policies.
What are the advantages?
How Much Will I Save?
Working Example: If your annual premium was £600 a year on a relevant life policy, the equivalent gross premium would be £1,177 a year as a personal policy.
*We are not tax advisers and would strongly advise you to speak to a suitably qualified person to discuss your specific tax benefits.
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