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PENNY BATES has a practical look at how to use life assurance in tax planning
KEY POINTS
- Potential tax liability with lifetime gifts.
- Using life assurance to pay inheritance tax.
- Protecting the business with key man insurance.
- Partnership planning for death of partner.
- Review arrangements regularly.
There are strictly three classifications of life policies: term assurance whole of life and endowment policies.
In this article I am going to consider some uses of term and whole of life assurance for tax planning purposes.
This is a huge subject and space dictates that only an overview of some of the possible planning uses can be examined.
Both term assurance and WOL (whole of life) policies offer life assurance but on different terms. This is summarised in Table 1 which can be viewed by clicking here or by downloading the attachment at the foot...
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