Life Assurance and BIK

payrollpro

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