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tax relief on life assurance

paddles · 2010-09-17 21:47:32

My mate recently got a whack of tax back on 4 yrs of income protection cover. Is it particular to income protection or can u claim on life assurance/serious illness cover?

17-09-2010 9:47pm

#1

paddles

Registered Users, Registered Users 2 Posts: 440 ✭✭

Join Date: March 2009

Posts: 248

My mate recently got a whack of tax back on 4 yrs of income protection cover.
Is it particular to income protection or can u claim on life assurance/serious illness cover?

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#2 18-09-2010 1:15pm

SRASE

Registered Users, Registered Users 2 Posts: 86 ✭✭

Join Date: July 2010

Posts: 86

You can get relief at your marginal rate of tax on premiums paid under a permanent health benefit scheme. The scheme must be approved by the Revenue Commissioners.

A permanent health benefit scheme is a scheme which provides income to individual in the event of inability to work due to ill health.

The maximum amount that can be claimed in a year is restricted to 10% of an individual's total income.

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