Originally posted by Craig at Nixon Williams
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Previously on "Ltd director and staff - life insurance.Is this a tax relief?"
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Originally posted by northernladuk View Postnot being married I was told it wasn't worth doing.
I tried to consolidate my three policies into one recently, and I was looking at doubling the premiums to get the same cover because my health situation has changed.
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Originally posted by northernladuk View PostI looked in to it but not being married I was told it wasn't worth doing.
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Originally posted by garnet View Postthanks for your useless input - on your bike now...
Anyway,
Lots of chats about relevant life policies here.. I looked in to it but not being married I was told it wasn't worth doing.
https://www.google.co.uk/search?q=re...hrome&ie=UTF-8
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As others have said, best to speak to an IFA in the first instance.
A Relevant Life policy is probably what you are looking at, the idea is that it is not BIK and the LtdCo can pay the premiums.......and any payout will be made according to Trust setup on inception.
Anyway, I am not an IFA so you really would need to speak to one - but I do have a Relevant Life policy, funded MyCo (wife's idea orginally, and she is the primary Trustee......hmmmmmm!)
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A relevant life policy is a type of life insurance policy which in the event of a claim pays out to the beneficiaries through a trust - you will be able to see if it is a relevant life policy as it will be in the policy wording, or even the name of the policy.
Aside from the tax benefit when paying into this type of policy, any claim made on the policy will not be chargeable to inheritance tax.
Hope this helps!
Craig
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Originally posted by northernladuk View PostYou are not just curious, you appear to be dyslexic as well.
@useful_input:
what is 'relevant life policy'? I'd think it is all in the policy wording, but one rarely have control on that.
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Originally posted by garnet View PostHi
I am curious - if I make an life insurance of a company's director is this going to be a company's expense for the company. I.e. is this going to be a way to reduce your co's profit?
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If you want a policy which is fully allowable then it needs to be a 'relevant life policy' - if this meets the criteria of being for the purpose of trade then it will be deductible for CT and will not be seen as a benefit in kind.
Other types of life cover may be classed as a benefit in kind or may not be deductible for corporation tax.
Hope this helps!
Craig
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Hi,
Yes it is. You'll need to have consideration as to how the policy is structured. There's potential that it's paid by the company, classed as an expense and also free from any benefit in kind issues. You financial advisor should be able to give you more details.
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Ltd director and staff - life insurance.Is this a tax relief?
Hi
I am curious - if I make an life insurance of a company's director is this going to be a company's expense for the company. I.e. is this going to be a way to reduce your co's profit?Tags: None
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