Life Insurance. At last available with tax relief.
Thanks to the latest budget changes, you can now buy life insurance and get tax
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These new life policies exploit provisions in the new Finance Bill and should result in savings of between 5% and 15% for a standard tax payer and around 30% for a higher tax payer.
But you must be aware that there are strings attached! You have to buy an ( car insurance quotes ) absolutely standard life policy. You can't add extras such as critical illness cover and the insured sum must be a fixed sum. And only one life can be insured on each policy - it has to be a bog standard, level term, single beneficiary, life insurance policy.
The Chancellor has added more restrictions, but quite frankly, these are ( life insurance advisers ) unlikely to pose a problem to anyone unless they're extremely wealthy!
You can't have one of these new style life policies if your annual life insurance premiums plus the annual contributions you make to your pension fund exceeds £215,000. Furthermore, ( mortgages ) if the when you die, the value of your pension fund plus the payout from your life policy exceeds £1,500,000, the current lifetime limit set by the Chancellor, then any excess will be taxed at 55%. Payouts from conventional life insurance policies are not part of this calculation.
Standard tax relief on the premiums is automatically collected by the life insurance company so you pay a lower premium which already reflects standard rate tax relief. If you are a higher rate taxpayer, you'll have to claim an extra tax rebate through your ( mortgage quotes ) self-assessment tax return. However, once you've told your taxman about your policy, you should automatically get your tax relief through your ongoing tax code.