The Autumn Budget contained important small print that, depending on whether it gets its act together in 2018, writes Paul Avis, could end up proving a real concern or genuine opportunity for the group life assurance sector
Group life assurance (GLA) is an amazingly tax-efficient benefit. Lump sum benefits are paid to an employee's survivors or nominated beneficiaries tax-free and fall outside of the deceased person's estate. Premiums paid are tax-free for the employer. There is an exception, however, with salary sacrifice excepted policies treated as P11d/benefits in kind for employees following OPRA changes implemented in April 2017. As such, is there now a worry - and an opportunity - emerging from the small...
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