Life Insurance - P11D benefit?
It was always my understanding that if an employer is the beneficiary of a life insurance policy then no P11D benefit will arise. Likewise, f the employee is the benificiary then it's a taxable benefit which should be reported on form P11D.
I've just found the following on Tolley's..........
Although not strictly health insurance, it is worth mentioning the tax rules on the provision of life insurance by the employer. As long as the employer arranges the life insurance and pays the insurance provider direct, the provision of life insurance is not a taxable benefit on the employee.
Does this mean that the beneficiary of the policy doesn't affect the treatment either way and life insurance is always a non taxable benefit?? I'm very confused!