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Critical illness and proactive tax planning

Critical illness and proactive tax planning

In a recession clients often look to make cost savings and one area they look to reduce spending is cancelling non-essential insurance or savings policies. Careful thought and professional advice should be taken before making the decision to cancel a policy.


One of our clients established a recruitment company about 10 years ago after a career in Barclays. Given his background in banking and finance he was well aware of the financial security that a critical illness policy gave him and his young family; so he maintained payments to his policy throughout the difficult times of the recession.


Unfortunately in 2011 he was diagnosed with cancer and, as a result, the policy paid out a six figure sum to his company. With this money in his company's bank account he asked James, Stanley & Co. Ltd to extract as much as possible for him so that he paid the minimum legal amount of tax so that he could enjoy as much of the payout as possible. 


The tax teams at James, Stanley & Co. Ltd and AVN advised our client the best way to extract this money and he is delighted with the result. If you have a similar query, we welcome you to call us on 0121 706 8585 for a free consultation! 

 


 

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Disclaimer


The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal or accounting advice and should not be relied upon as advice. Please see our website's terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact us and one of our accountants will be happy and able to advise you on your own particular circumstances.

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