Are you a company director with life assurance to provide for your loved ones?
Taking out a Relevant Life Policy could be a tax efficient way of providing life cover where the number of employees is too low for a group death-in-service scheme.
Most people pay their life insurance premiums from their post-tax income. If you have a limited company – Don’t!
You can use a Relevant Life Policy to make substantial tax savings instead!
It works like this:
• Your company pays the premiums for you
• Premiums are an allowable business expense to offset against corporation tax
• Premiums are not treated as a benefit-in-kind – so no tax for you personally
• You can insure up to 25x your total remuneration including dividends
• Reduce your costs using this tax efficient method for arranging your life insurance
• Substantial tax savings, especially for higher rate payers *
• Relevant Life Policies are written in trust for your chosen beneficiaries. This allows quick payment of benefits normally free from inheritance tax.
• Benefits are also payable free from Income Tax.
*savings depend on your individual tax position