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Permanent Health Insurance
Permanent Health Insurance plans are designed to protect your income in the event of serious and long-term illnesses.
Premiums under permanent health insurance schemes are allowed as a deduction for income tax purposes up to a maximum of 10% of total income.
The relief is allowed in respect of premiums paid in the year. Only the portion of the contribution or premium that is attributable to the provision of Permanent Health Benefit qualifies for relief.
From 6/4/2001 a Net Pay Basis applies to premiums paid by PAYE taxpayers to Approved Schemes. i.e.: The contributions will be deducted from gross pay before tax is calculated.
Where contributions to a qualifying scheme are not deducted from your salary through payroll, the relief will have to be claimed directly from Revenue. In this situation the relief is given by means of an adjustment to your Tax Credit Certificate.
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Flynn & Associates Ltd, T/A Flynn Financial is regulated by the Central Bank of Ireland.Debt Advisory services are not authorised or regulated by the Central Bank as a result are not covered by the Central Bank's requirements to protect consumers or by a statutory compensation scheme.
