The Bank of England is officially withdrawing old £10 notes on 1 March next year.
Following the September launch of the new £10 note, featuring Jane Austen, the Bank has announced the old £10 Charles Darwin note will stop being legal tender at 11.59pm on 1 March 2018.
You can actually get very good efficient Life Cover with a 2/3 of these notes paid by your business account.
Relevant Life Cover is a tax efficient way for a business to offer death in service benefits to its employees and offers an alternative to group life schemes.
It can be a valuable addition, or a starting point for any benefits package, whilst helping to retain your best people, or recruit new talent.
Any employee of a business qualifies, including shareholder directors. Benefits are paid into a discretionary trust for your family.
Qualifying criteria:
- Do you have an active role in the business?
- Do you take PAYE income?
- Are you employed by the business?
- Is the business a trading entity?
How it works:
- The employer takes out a policy on the employee and pays the premium.
- Cover levels can be up to 25 x salary, and, or dividends.
- The policy term cannot exceed the employee's 75th birthday.
- Benefit is payable on death or terminal illness and can be level or increasing.
- If the employee leaves the business, they can take the cover with them.
- There is no surrender value.