Life Insurance Changes: Tax Planning Special: Telip

Published / Last Updated on 06/02/2008

Life Insurance Changes: Tax Planning Special: Tax Efficient Life Insurance Plan (TELIP)

Basic rate tax falls in 6 April 2008 to 20% from 22%.

If you have one the special life insurance plans (TELIP) that were taken out in 2006 and then withdrawn by the Chancellor in the same year where you received tax relief on the premiums paid, it means that the tax relief offered on the premiums paid will fall.

In simple terms, your premiums will rise a little for TELIP policies.

Our view

This was inevitable and you just need to be aware of these changes to your TELIP policies.

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