Life assurance and CTT - more2

In such cases the proceeds of the policy belong to the children, whereas the liability to, pay falls on the legal representatives of the deceased person (in lifetime transfers, the donor is responsible for paying the tax). There can of course be no guarantee that the children will pass over the proceeds to pay the tax and, if they are minors, they are unable to do so, as the money which goes into a trust can only be used for the purposes laid down in the trust deed. This can be avoided by ensuring that each child gets an equal share of the estate, or in the case of minors by the executors of the will being the same people as the trustees.

In these cases the executors would be quite justified in using the proceeds of the policy to pay the CTT.


IRS

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

Salon Gold Insurance

Cheaper Insurance for Salons, Freelance Hair and Beauty, and Mobile Businesses - click here

read on: CTT and businesses

In such cases the proceeds of the policy belong to the children, whereas the liability to, pay falls on the legal representatives of the deceased person (in lifetime transfers, the donor is responsible for paying the tax). There can of course be no guarantee that the children will pass over the proceeds to pay the tax and, if they are minors, they are unable to do so, as the money which goes into a trust can only be used for the purposes laid down in the trust deed. This can be avoided by ensuring that each child gets an equal share of the estate, or in the case of minors by the executors of the... see: CTT and businesses