£4m Relevant Life Cover for Entertainment Industry Directors – Correctly Structured for Full Tax Efficiency
What was the situation?
What was the issue?
Life cover was already in place, arranged on a personal basis and funded by the company. The premiums carried a benefit in kind charge and did not qualify as a deductible business expense, generating an income tax and National Insurance liability for both directors personally. It is a common and costly structural error, and that many directors are entirely unaware of.
What was the process?
What was the solution?
For specialist advice on relevant life insurance for directors, visit this page.
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We can help.
Relevant life cover is being increasingly used by small businesses to attract and retain highly experienced employees as part of an attractive benefits package. The policy pays out a tax efficient lump sum amount in the event of the death or diagnosis of a terminal illness of the employee insured. This sum goes directly to your employee’s family or financial dependants.
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