If you are a company director and pay for your own life cover, getting your company to take out cover on your life could save you money. Relevant life policies are a way of providing highly tax efficient death in service benefits on an individual basis for you and your employees. You may already be paying for your personal life cover through your business, but it is likely these payments will be taxed as a benefit in kind. Relevant life policies avoid this.
The plan itself is established and paid for by the company on the life of the employee or director. Any benefits from the plan are paid to a discretionary trust. The beneficiaries of the trust will be the family members and dependants of the life assured.
Should you wish to find out more, please contact your Account Manager in the first instance and they will be happy to assist in making you an appointment with our specialist financial advice partners.
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