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INPUT OF PREMIUMS FOR PERMAMNENT INCAPACITY BENEFIT

Posted 21 June 2016 under Tax Questions

Leslie says:
21 June 2016 at 16:57

I paid insurance premiums for permanent incapacity benefit but taxtim did not ask for it. Can I deduct it?

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TaxTimTaxTim says:
21 June 2016 at 17:02

Yes Leslie, according to the Tax Act, it is not deductible, but certain policies/companies obtained specific approval from Inland Revenue for the deduction of the premiums for permanent incapacity. So confirm with your broker if it is deductible, then return to TaxTim, go back to the pension/annuity deductions question and enter it under annuities. Remember deductions are limited to 40,000 for all pension fund, annuities and study policy premiums paid.


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