Friends Provident launches tax relief PTA

The product will enable customers taking out life cover with Friends Provident to benefit from tax relief on their premiums. The cover will be available as single life on either a level or decreasing term basis, and Friends Provident says the premiums are expected to be at least 10-15% cheaper than its standard life cover product because of the tax advantages. Premiums are paid net of basic rate tax, but higher rate taxpayers will have to claim the extra tax relief through their tax return. Ian Jefferies, head of protection marketing at Friends Provident, says: “We are delighted that ...