Can I claim income protection premiums?
Wed Oct. 1st 2014
Not sure if your income protection premiums are tax deductible or lost your tax certificate for your income protection policy?
Don't forget if you have an income protection policy, and the benefit is assessable for tax at claim time, in April every year, your insurer should normally send you a certificate which you can file in your tax return or give to your tax adviser who can claim the tax deductible premium on your behalf. If you haven't received yours yet, let us know and we can assist you.
This Income Protection Tax Certificate allows you to claim a 1/3 of your premiums on your personal tax return, even if you are employed - you don't have to be self-employed to be able to claim these premiums.
Note: if your income cover is a policy which is not assessable for tax at claim time, the insurers and insurance tax advisers advise that the premiums linked to these type of policies are normally not deductible - sorry.
If you are confused or not confident about what type of policy you have or need some assistance - that is quite normal. We help our clients sort through these issues. There are no silly questions. Call or email me and we can point you in the right direction to get the right answers.
If you have NO Income Protection at all - contact me and we can have a chat and tell you if income protection is right for you.
Need a good tax adviser? Again email us and we can help you find someone suitable.
For any specific tax questions, speak to a suitably qualified tax adviser. Note, this blog is not deemed as tax advice.
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