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.

Documents

Draft legislation

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Explanatory note

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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.

Published 6 July 2018
Last updated 9 November 2018 + show all updates
  1. The tax information and impact note has been updated for Finance Bill 2018-19.
  2. The table under the 'Exchequer impact (£m)' heading has been updated for the 2018 to 2019 tax year.
  3. First published.