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Company group life cover
gil13
Posts: 297 Forumite
Good Morning, I was wondering if anyone could clarify something for me.
Is group life cover provided by a company to individuals considered to be a benefit in Kind or not. As far as I know it seems a bit of a grey area and there may have been some legislative changes in this area recently. I know last year our company in the end did not provide it as it was thought to be considered a BIK, in the end they decided to give individuals a bit more salary to provide their own. However I now know of somebody who has just been offered group life cover and they say it is not considered and benefit in kind. Any ideas?
Is group life cover provided by a company to individuals considered to be a benefit in Kind or not. As far as I know it seems a bit of a grey area and there may have been some legislative changes in this area recently. I know last year our company in the end did not provide it as it was thought to be considered a BIK, in the end they decided to give individuals a bit more salary to provide their own. However I now know of somebody who has just been offered group life cover and they say it is not considered and benefit in kind. Any ideas?
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Comments
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hi Gil13 - I set up a group life scheme not so long ago for the company I work for and certainly didn't come across anything to suggest that a group life scheme was treated as a BIK. Health/dental insurance yes, but not group life cover. Hope that helps0
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