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Cover Magazine - GRiD calls for OTS to reduce costs for employers offering life assurance

By Adam Saville 8 June 2018.

Industry body for group risk responds to Office of Tax Simplification request for IHT feedback.

Group Risk Development (GRiD) has responded to the Office of Tax Simplification's (OTS) request for Inheritance Tax (IHT) perception feedback by calling for various exemptions and the removal of tax charges for employers purchasing group life assurance (GLA).

The group risk industry body argues that the provision of death benefit to dependants supports the aim of building resilient households which will in turn help lessen burden on the State.

As well as outlining the benefits of GLA - in particular expected group life policies (EGLPs) - for employers, employees and society as a whole, as part of the consultation, GRiD has called for an exemption from potential entry, exit and periodic charges to IHT when the sole asset of a discretionary trust is an EGLP; removal of the requirement that all members of an EGLP have the same benefit calculation and alignment of potential beneficiary classes for EGLPs and benefit-in-kind rules.

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