19/06/2024
Company Directors!
If you're a Director who's paying for your life insurance from your personal income:
You could benefit by switching to a Relevant Life Insurance Plan provided by your limited company.
Key benefits
• Premiums paid by the company are treated as a business expense for tax purposes
• The premiums paid are not treated as a benefit in kind or otherwise taxable on the life-assured
• The premiums paid do not count as part of the employee's annual allowance (for pension)
• Premiums are not subject to employer or employee national insurance contributions
• Any benefit payments are free of income tax
• The death benefit does not form part of the your estate for IHT purposes
• The maximum amount of cover available is normally £10 million
