Relevant Life policy - wrong trust on inception

Afternoon all

Company took out a Relevant Life policy on one of the directors. However, rather than a relevant life policy trust being used at the start, a personal DT was instead incorrectly created by the assured (who doesnt own the policy and therefore could not settle the same).

The assured remains in good health, so are there any tax implication to placing the policy in a Relevant Life policy trust now?

Hi Sarah,

Broadly - No. The policy falls under group life rules, and the premiums are paid by the company.

I’d suggest contacting the provider they will advise on any implications.

Richard C. Bishop