IPTM2100 - Life assurance premium relief: outline
Life assurance premium relief was available until 5 April 2015 on life insurance policies taken out on or before 13 March 1984.
From 6 April 2015 tax relief for payments for life insurance is limited to:
- an individual’s payment to a trade union where part of the payment is attributable to superannuation, life insurance or pension benefits
- an individual’s payment to a police organisation where part of the payment is attributable to superannuation, life insurance or pension benefits.
See IPTM2150 for details.
These reliefs are given in coding, through self-assessment or by repayment. Sometimes relief is given by the employer under a ’net pay’ arrangement under which PAYE is operated on pay after the amount qualifying for relief has been deducted.