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L&G enhances group life assurance for partnerships

Legal & General has improved its partners&#39 group life assurance policy to take advantage of changes to chargeable event rules that have come in as part of the Finance Act 2003.

The change means most policies now fall outside these rules, eliminating any potential taxable gain that can arise on the second and subsequent death under the policy. Policies where the benefit is paid to a deceased partner&#39s dependents will be exempted from the chargeable event rules, while policies that pay the benefit to the business will still be affected.

To be exempt from the chargeable gains policies must pay benefit on death before a specified age, have no surrender value, use the same method for calculating benefits for all covered and offer a benefit payable only to individuals not also insured under the same policies or to charities.

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