Life Assurance through Ltd

[d000hg]

We were reviewing our cover after buying a house and our advisor suggested that having my policy owned & paid by the company was the best deal and crucially is not classed as a BIK. I don't recall seeing it discussed on CUK which seems odd as many/most contractors surely have life/accident/illness cover of some sort.

Any experts want to advise here for posterity?

[Alias]

have you done a search?...

Quick search brings up a few threads on the subject...

[Craig@Clarity]

Depending on the type of policy, your advisor is most probably correct in that the company can pay for the premium whilst getting corporation tax relief and no BIK issues. I think it's the way it is setup via trusts (from a tax point of view).

[kevpuk]

Relevant Life plans are what you need to look for.....I have one set up with the aim of matchiong what a permie death-in-service benefit would be...

MyCo has one for me - i.e. paid for by Co, but with wife/kids are beneficiaries via Trust. This is HMRC approved life policy, which Co can pay for with no BIK etc. implications.....that said, I am not an IFA, so this is as far as my knowledge can be shared

[Jessica@WhiteFieldTax]

It's a horribly compacted area, and old admit that it's not one I'm fully on top off.

Get a good IFA, and get the advise clear and in writing, including tax deductibility and BiK. Your accountant should be willing to look I've it for you and credibility check it.

[jamesbrown]

old admit that it's not one I'm fully on top off.

Oh dear

[abarham]

I'm going through getting a Relevant Life policy right now for both employees (topping up my cover after a remortgage) after having a quick search on here. I've been using contractor financials to get quotes.

[saptastic]

How life-insured contractors can save tax :: Contractor UK

[Jessica@WhiteFieldTax]

Oh dear

Finger trouble and holiday vibe

[northernladuk]

Finger trouble and holiday vibe

Finger trouble AND a holiday vibe? Bit greedy aint ya?