Life Insurance, tax allowable expense?

[Rollin]

Are life insurance premiums demanded by my bank to cover a business loan or business mortgage tax, allowable expenses?

[anonymous-user]

Unlikely

Eg see slide 3 here

https://www.aviva.co.uk/adviser/documents/view/al1...

[Eric Mc]

Normally, life assurance premiums are not allowable as a business deduction. The only type of life related policies allowed are what used to be referred to as "Key Man Insurance" - which is insurance taken out by the business (not the individual) to cover the incapacitation or loss of a key individual in the business.

[Insurancejon]

speak to PHer "Dale North" about relevant life cover

[dalenorth]

Yes, relevant life is but you have to be careful with key man and shareholder etc, as you don’t want to suffer tax on the benefit. Pm me if you want more details as we specialise in this area.