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Keyman insurance:

Are there any Inheritance Tax (IHT) implications

There can be:
  • Assume the policy pays out due to the death of a Keyman who is also a shareholder
  • The company receives a cash injection and this in turn will boost the value of the company's shares
  • If the deceased person's shareholding was left to somebody other than his spouse and business relief isn't available there might be an Inheritance Tax charge
Obviously this is a tricky and complex question to answer so seek professional advice from your accountant or tax advisor.
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