Lump sum payments
from the new NHS death-in-service life insurance schemes have been made exempt
from income tax. The Coronavirus Life Assurance Scheme (English and Welsh
Schemes) (Excluded Benefits for Tax Purposes) Regulations, SI 2020/615, provide that lump sum payments of £60,000
paid pursuant to the National Health Service and Social Care Coronavirus Life
Assurance Schemes for both England and Wales are exempt from the charge to tax
on employer-financed benefits under ITEPA 2003 s 394. The lump sum payment is an excluded
benefit under ITEPA 2003 s 393B(3)(d).The regulations come into force on 13
July 2020 and have effect for the tax year 2020/21 onwards.
Lump sum payments
from the new NHS death-in-service life insurance schemes have been made exempt
from income tax. The Coronavirus Life Assurance Scheme (English and Welsh
Schemes) (Excluded Benefits for Tax Purposes) Regulations, SI 2020/615, provide that lump sum payments of £60,000
paid pursuant to the National Health Service and Social Care Coronavirus Life
Assurance Schemes for both England and Wales are exempt from the charge to tax
on employer-financed benefits under ITEPA 2003 s 394. The lump sum payment is an excluded
benefit under ITEPA 2003 s 393B(3)(d).The regulations come into force on 13
July 2020 and have effect for the tax year 2020/21 onwards.
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