Friendly society life policies qualify for tax relief, but you can only invest very small amounts. You can invest up to £25 a month (a total of £300 a year) or £270 as an annual premium in a friendly society and receive a tax-free lump sum when the plan matures. Only one plan is allowed per saver and premiums must be paid for seven and a half years on a 10-year policy. Unlike other insurance policies, the society pays no tax on the underlying investment.
But it is important to check the charges on these policies, as they can be very expensive. Indeed, high charges often offset the tax advantages and more.
The PAM Directory is a comprehensive guide on comparative data focusing on asset managers, investment managers, private banks, stockbrokers, wealth managers and multi-family offices, who provide discretionary and/or advisory portfolio management services for private clients.
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