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*Assumes that corporation tax relief is 20% and has been granted under the ‘wholly and exclusively’ rules. In both cases we’ve assumed a payment of £1000 each year for the life cover on an employee who’s paying income tax at 40% and employee’s National Insurance at 2% on the top end income. We’ve also assumed that the employer is paying corporation tax at the small profits rate of 20% and will pay the employer’s National Insurance at the contracted-in rate of 13.8%.
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