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Ellis Financial | Partnership Insurance Plans

Ellis Financial | Partnership Insurance Plans

Partnership Insurance Plans

What is Business Partner Insurance ?

The purpose of Business Partner Insurance is to provide funds, on death or serious illness of any business partner, to his/her sharing holding thus ensuring:

The Business Partners Plan is a cost effective arrangement, which will provide:

Topics Covered

Method and Procedure

The most flexible approach to Business Partners Protection Plans is called "Own Life in Trust".

Here each Business Partner effects cover on his/her own life, for an amount equal to the value of his/her own shareholding. The death/serious illness benefit is placed in trust and payable to the surviving Business Partners should he/she predecease them whilst still a party to the arrangement. This enables the surviving Business Partners to purchase the shares in the event of death or serious illness of a fellow Business Partner.

This method is ideal for accommodating changes in shareholdings and facilitating new entrants and exits from the arrangement.


Documenting the Plan

To ensure that the proceeds to be used to pay for the shareholding of the Business Partner who has died or suffered serious illness are free from Capital Acquisitions Tax, it is essential to show that a “Commercial Arms Length Agreement” has been made that the plan is properly documented.

Documentation in accordance with Revenue Guidelines will be provided which will ensure that the proceeds to be used to purchase the shareholding of a deceased Business Partner or one who has suffered a serious illness are free from Capital Acquisitions Tax in the hands of surviving Business Partners.

Each Business Partner completes:

All Business Partners complete:

Note: All of the documentation will be provided for each individual plan.


Taxation and Revenue Guidelines

Where a business partner's plan is written in the form of own life in trust for other, the proceeds of such policies taken by the surviving shareholder(s) will be exempt from inheritance tax/gift tax in the following circumstances:

Note: The revenue has confirmed that these guidelines extend also to serious illness benefits.