The €125 (single)/€250 (joint) "excess" on MED1 claims has been abolished with effect from the 2007 tax year - i.e. the excess still applies for MED1 claims for 2003-2006 but not from this year on.
Would you be able to give me more information on that? i checked on the Revenue website and could not find anything on the abolishment.
Thanks
measures to help taxpayers claim the tax reliefs to which they are entitled including measures designed to enable Revenue to make automatic repayments in respect of reliefs such as health expenses, trade union subscriptions and to allow age related tax credits to be credited automatically to the taxpayer. Also the two thresholds for claiming relief on health expenses, currently €125 for one person and €250 for a family, are being rationalised into a single threshold of €125. To further speed up the tax repayment process the Minister said that he is abolishing the requirement that the taxpayer who pays the medical expenses has to be related to the person in respect of whom the expenses were incurred.
The removal of thresholds for medical expenses relief. At present there are two minimum thresholds for claiming tax relief on medical expenses, €125 for one person or €250 for more than one person. The Bill provides that both thresholds will be removed. The Minister sees this change as an important provision which should be welcomed by taxpayers who in 2008 will receive additional cash-back for medical expenses incurred in 2007. To further speed up the tax repayment process the Minister said that he is abolishing the requirement that the taxpayer who pays the medical expenses has to be related to the person in respect of whom the expenses were incurred. The cost of the changes to the thresholds will be approximately €21 million annually.
This was the original plan:
but then I believe that they decided to abolish even the €125 "excess".
Oddly enough I cannot see any mention of either in the actual Finance Act 2007 arising from the bill in question!
it's only relevant for 2007 MED1 claims which can only be done once the 2007 tax year ends?
Oddly enough I cannot see any mention of either in the actual Finance Act 2007 arising from the bill in question!
This was the original plan:
but then I believe that they decided to abolish even the €125 "excess".
Oddly enough I cannot see any mention of either in the actual Finance Act 2007 arising from the bill in question!
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