Income protection premiums – tax relief

Income protection premiums – tax relief

If you pay a monthly direct debit on a Revenue approved policy for income protection through accident, injury or sickness then you can deduct same from your taxable income.

The tax saving will be either at the 20% or 40% tax rate depending on your annual income.

Where contributions to the qualifying scheme are not deducted from your salary through payroll, the relief will have to be claimed directly from Revenue. You can do this through “PAYE anytime” on www.revenue.ie

Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie