Policy paper

Reform of employer contributions into life assurance and overseas pension schemes

This measure widens the definition of beneficiary for qualifying relevant overseas pension schemes.

• From: HM Revenue & Customs
• Published: 6 July 2018
• Last updated: 9 November 2018
  Show all updates

  1. 9 November 2018

     The tax information and impact note has been updated for Finance Bill 2018-19.

  2. 31 October 2018

     The table under the 'Exchequer impact (£m)' heading has been updated for the 2018 to 2019 tax year.

  3. 6 July 2018

     First published.

Documents

Reform of employer contributions into life assurance and overseas pension schemes

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Draft legislation

PDF, 33 KB, 1 page

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Explanatory note

PDF, 129 KB, 3 pages

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Details

This measure concerns premiums paid by employers into life assurance products and contributions to qualifying recognised overseas pension schemes (QROPS).

These contributions are currently only tax exempted if the beneficiary is the employee or a member of the employee’s family or household.

This measure will allow the beneficiary to be any individual or registered charity without the premiums being treated as a taxable benefit in kind.