Individual Plan: Taxation

We would strongly advise that tax advice is taken before proceeding. However, the following may prove helpful.

• The Individual Plan policyholder funds pay no Guernsey Tax and no Guernsey Tax is deducted from benefit payments. However, Nordben may receive some dividends net of withholding taxes deducted in the country of source.
• Check with tax advisors / department to determine whether or not the premium is deductable as a business expense. 
• Establish the tax implications for the employment in the country in which the employee is resident.
• Understand the tax implications for the employee when the benefits from the Plan are received.