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ARTICLE · 22 NOVEMBER 2012

Q&A: Relevant Life Plans

Smith & Williamson
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Directors and employees are eligible for a little known but highly tax efficient staff benefit provided by their employer.

United KingdomEmployment and HR
Martyn Cross
Martyn Cross

Directors and employees are eligible for a little known but highly tax efficient staff benefit provided by their employer. Life cover can be provided by what are known as 'relevant life plans'.

What is a relevant life plan?

A relevant life plan is an individual 'death in service' life policy. It is designed to pay a lump sum death benefit if the person covered dies or is diagnosed with a terminal illness during their employment. Relevant life plans are similar to most other types of life cover but attract various tax reliefs which greatly reduce the cost of providing this cover.

What are the tax reliefs?

  • Employer contributions to a relevant life plan are usually a corporation tax deductible expense.

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