Life Assurance and BIK
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payrollpro
Registered Posts: 427 Dedicated contributor 🦉
Hi everyone,
Scratching my head on this one for a client. Client has own Ltd company but has own life assurance policy where the premiums are being paid by the company. This was on the basis that it was a provision made for death benefits and therefore exempt under S307.
I'm not so sure as it seems more likely to be a payment towards personal liability. At the very least I think he ought to have assigned the policy to the employer to make it an employer provision.
Any thoughts?
Payrollpro
Scratching my head on this one for a client. Client has own Ltd company but has own life assurance policy where the premiums are being paid by the company. This was on the basis that it was a provision made for death benefits and therefore exempt under S307.
I'm not so sure as it seems more likely to be a payment towards personal liability. At the very least I think he ought to have assigned the policy to the employer to make it an employer provision.
Any thoughts?
Payrollpro
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