Interesting one here, hope someone can help. A friend has a terminal illness. He worked in the USA for over a decade but is now back in Ireland and has had to give up work for health reasons. While in the 'States he took out a Permanent Health Insurance policy which he funded from his after tax income. He has continued to pay into it while working in Ireland, but has never claimed tax relief on the premiums. He is now claiming for loss of income under his US policy. In the States, the benefits (i.e. regular income) from the policy would be non-taxable because it had been funded from his after-tax income.
He wants to know whether the income paid under this policy would be tax free if he has it paid to his Irish bank account. If not, he will leave it in the States, which would be inconvenient, but is feasible. Both he and I have searched Revenue's website extensively but cannot find a definitive answer.
He wants to know whether the income paid under this policy would be tax free if he has it paid to his Irish bank account. If not, he will leave it in the States, which would be inconvenient, but is feasible. Both he and I have searched Revenue's website extensively but cannot find a definitive answer.