A Guide to Trusts and Tax Efficient Life Insurance Reply


Business Accountant

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When it comes to planning your family’s financial future, it makes good sense to take all steps possible to protect their standard of living. Arranging your life insurance in the right way, to give your loved ones the maximum possible benefit  is an important consideration. One option when taking out life insurance is putting the policy into a trust. And yet according to insurer Aegon, only 6% of life-insurance policies in the UK are set up in this way. 
This is surprising as it can be advantageous and is very simple to do. Many Contractors are now opting for a tax efficient Relevant Life Plan as all policies are written into trust from the outset (in order to meet HMRC qualification for tax exemption) and in doing so place the cost of life insurance on company expenses without alteration to their P11D status (they also benefit from 20% corporation tax relief on the…

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