Tax relief on income protection premiums ?
How much tax relief do you get on your Income protection premiums?
You can get tax relief on your income protection premiums at your highest rate of tax, up to a yearly limit of 10% of your total income. This can make premiums more affordable, but remember your benefit will be taxable if you have to make a claim.
If you are a member of a group scheme, your employer usually takes your premiums from your salary before taxes are taken off (i.e. get tax relief through your payslip)
If you have an individual policy, your insurance company will give you a statement showing the premiums you have paid. To claim your tax relief as an employee, you can claim same under PAYE anytime on www.revenue.ie or on ROS if you are self-employed.
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie