Life Assurance Premium Relief

Life Assurance Premium Relief is a very short topic when it comes to informative articles. Life Assurance Premium Relief can be abbreviated to LAPR and is a United Kingdom (UK) tax rule. 

This policy states that there isn’t any ‘Relief’ on premiums, which are in an excess of £1500, or a sixth of their total income, depending which of either are greater.

The insured must be living in the UK at the time of payment for this to be eligible. The relief, which can be claimed back, is 50% of the Basic rate of tax.

The individual insured can get this Life Assurance Premium Relief paid in two ways. The first would be to minus the correct amount when paying the premium or to pay the entire premium and reclaim back the tax, which would be the second option.

For more information on tax relief issues, you should contact your financial advisor or accountant for more specific details that pertain to yourself.  

When this page was created, the rate you could reclaim is now sitting at 12.5% that may be subject to change within the foreseeable future.

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