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  • Section 24 HQ

    Extra downside of S24 mitigation via Ltd Co.

    I have recently found out an additional downside of section 24. Having moved to a company structure (cue Tony Gimple) it turns out this has essentially invalidated my unemployment insurance.

    As the insurer will not consider a claim where I am Director of a company which generates another source of income.

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    Is this restriction on all income or only employment income as a director?

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    You don't explain how you were origiinally covered.Were you an employed as well as being a property investor ?

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    Interesting thought, but without seeing the policy or the proposal form I can't really comment.  That said, I wouldn't be at all surprised as most cover of that kind only tends to pay out as a last resort.

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    Tony Gimple

    Founding Director

    Less Tax For Landlords

    0203 735 2940

    By unemployment ins - do you mean Redundancy cover - or Disability Income Replacement cover?

    The latter typically pays out up to 50/60% of pre disability income after the chosen deferment period eg 6/12/24 months - and of course you would need to demonstrate an actual fall in income overall.

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    Sorry all it’s unemployment cover for my PAYE job. I believe it is income from a company. Not sure even an insurance company would write a policy that said if you got 1p in investment income you couldn’t claim.

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