Form 12 - Claiming for income protection insurance

M

Macstuff

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I am completing form 12 – tax returns for PAYE employees.

At the request of my lender (it’s a foreign property, with a foreign bank) I pay income protection insurance, that covers the payments in the event of me becoming ill.
AFAIK - I receive a discount on the mortgage payments for taking this insurance.
Do anyone know if I can claim this as an expense against my tax bill?
 
Hi

It is accepted by revenue that such payments are entered into as a prerequisite to obtaining the finance and as such are allowable.

Regards

capnhand
 
Obviously the payments are allowed as a deductible expenses against rental income.

If it's your PPR then no tax relief is available
 
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