Relevant Life Plan
A cost and tax efficient way of offering life cover to you, your employees, for the benefit of your families.
A Relevant Life policy is a relatively new and tax efficient term life assurance for directors and employees which provides a death in service benefit.
The life assured will have the premiums paid for by the business, not with your personal taxed income, with the beneficiary being named as a family member, usually the spouse or partner.
Taking out cover through a Relevant Life Plan can save a higher rate tax payer 49% against a personal life assurance plan. For a basic tax payer, the saving is 36%.
This type of policy is tax efficient and can be treated as an allowable expense by HMRC. Relief against Corporation Tax is available and with no additional income tax or National Contributions to make, its excellent business for you, the business and your employees.