The main advantages of taking over cover are as follows;
Benefits do not count towards the pension lifetime allowance.
Potential tax relief on the premiums for the employer.
No benefit-in-kind assessment on the employee.
Premiums are not subject to national insurance payments.
The benefit is paid free of income tax in most cases.
Benefits are paid free of Inheritance Tax*
Shareholding directors can save 49% on the cost of life cover.
(* A charge may apply in exceptional circumstances)
