If you have a life insurance policy or are contemplating getting one, then you can now benefit from new legislation which has recently come into force which means you will be able to offset this insurance which will reduce your annual tax bill.
Previously only larger companies avoid this by introducing ‘Group Death in Service Cover’. This is a highly tax-efficient way of providing life insurance, but is not generally available for smaller companies.
However, the recent changes in legislation have allowed small companies to benefit from this arrangement by taking out ‘Relevant life policies’. These can be written on an individual basis so are available to all companies no matter how small.
Contact us for more details.