Tax efficient Life Cover paid by your business, to benefit your loved ones
Relevant life is a personal life insurance plan paid for by your business, meaning it is a highly tax efficient way to provide life cover for directors and employees. Relevant life policies provide life assurance during the term of your employment, or through to a specific age, up to a maximum age 75.
Top 5 Benefits of a Relevant Life Policy
- Paid for by the business rather than from taxed earnings
- Premiums of the polices are not treated as a benefit in kind so are not taxable remuneration for the director / employee
- Premiums paid do not count towards an individual’s annual pension allowance
- Benefits of a relevant life plan are written under a discretionary trust and as such are free from inheritance tax (barring the potential for periodic and exit charges)
- Premiums are usually a deductible business expense so reduce corporation tax In addition to providing cover for directors, relevant life policies are also suitable for businesses wishing to provide an employee the benefit of life insurance.
This is relevant when group death in service plans may not be appropriate for employees, such as those facing the challenges of annual allowance and lifetime allowance concerns where the group death in service scheme classifies as a registered pension scheme.
If you are looking for more information or advice on relevant life policies and personal life insurance, contact Boolers today and one of our financial advisers will be available to discuss your circumstances and provide recommendations on the most appropriate relevant life policies.
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