Relevant Life Policy
You can either see life insurance as another of life’s costs paid for out of the money you take home, or you can have the company pay and also let tax work in your favour for a change. We’ll be happy to show you how.
Relevant Life Policy features:
- Provides death-in-service benefits via a life insurance policy on an individual basis.
- Life insurance where the company pays the premiums.
- Unlike a registered group scheme, the benefit will not form part of your annual or lifetime pension allowance.
Relevant Life Policy benefits:
- Potentially large tax savings.
- Business size isn’t a factor.
- These payments may be treated as an allowable expense for the company in calculating their tax liability, as long as the local inspector of taxes is satisfied they qualify under the ‘wholly and exclusively’ rules.