Do you have Life Insurance to cover your mortgage or to provide a lump sum for your family in the event of death?
Why not let the taxman help pay for it?
There is a form of tax-efficient Life Insurance available to business owners, called Relevant Life.
Relevant Life can be over 50%* cheaper than traditional life cover.
It allows you to have personal Life Insurance, but paid for by your business.
The advantages are:
- Personal Life Insurance, for the benefit of your family
- Owned by your business
- Paid for by your business
- Monthly premiums are not treated as a Benefit In Kind
- Monthly premiums can be claimed as a trading expense against Corporation Tax
- Benefits are a tax-free lump sum
- Benefits are written under Trust for your family to avoid Inheritance Tax and probate.
Relevant Life falls under Death In Service Legislation and allows smaller businesses to provide lump sum death benefits tax-efficiently as a form of remuneration for its employees.
To learn more about how we can save you money and get the taxman to work for you, please call us on 0116 253 5600 or complete the enquiry form.
We can speak to your accountant and provide a detailed technical explanation of the legislation and how they can claim the tax-relief on your behalf.
* Savings take account of tax benefits as calculated by Legal & General based on a 40% taxpayer who is a director of his own limited company and assumes the premiums qualify as an allowable business expense. Tax law and practices can change in the future.
Tax treatment is based on individual circumstances and may be subject to change in the future.