Relevant Life Cover

Relevant Life is a life insurance policy available to employers to provide an individual death-in-service benefit for an employee. It can help smaller businesses attract and retain high-calibre staff by offering them attractive benefits packages that are also tax efficient. It can also be a tax-efficient way for shareholder directors to take out life insurance.

The following information is based on our understanding of current legislation, taxation law and HM Revenue & Customs (HMRC) practice, which may change.

Tax Benefits

There can be tax benefits for both the employer and employee.

Employer benefits:

  • Corporation tax relief (so long as the premiums are wholly and exclusively for the purposes of the business).
  • No National Insurance contributions to pay on the policy payments paid to fund the Relevant Life policy.

   

 

Employee benefits:

  • No National Insurance contributions to pay on the policy payments paid to fund the Relevant Life policy.
  • The policy payments won’t be taxed as a benefit in kind.
  • Policy payments and benefits don’t count towards annual or lifetime pension allowances.

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24 Longstone Road, Eastbourne, BN21 3SN

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Mobile: 07775 924363
Landline: 01323 733400

 

Email Con

con@pure-protectionsouth.co.uk