Although I’ve covered this before, I’ve recently come across company director clients who’ve been unaware of the savings available, which can be significant. Relevant life policies are a tax-efficient way of setting up life cover for both company directors and employees. They can be used to offer death-in-service benefits to employees without the need for a registered group scheme which often doesn’t allow fewer than 5 members. Relevant life policies can also benefit high-earning employees or directors who don’t want their benefits to form part of their lifetime allowance.
I’ve included a link here to a short video which explains relevant life in more detail and shows the tax savings available.