Health Insurance Tax Relief Changes as per Laya - relief reducing to 19% from 20%

[1dave123]

Tax Relief Changes | Tax Relief at Source TRS | Laya Healthcare

Visit this page for more information on how tax relief changes can affect you and to learn how it may affect your policy premium.

www.layahealthcare.ie

I haven't seen or heard any comment about this anywhere . Not aware of any of the other health insurers making similar announcements.

 

[messyleo]

An increase of €10 per policy I guess, but a weird change. Hopefully not a slippery slope

 

[Marsupial]

I haven't seen or heard any comment about this anywhere.

Neither have I and I couldn't see any reference to it on the Revenue website or in the Finance Bill (No. 2) 2023.

Indeed it's so new that Revenue haven't got around to updating the relevant part of the Tax and Duty Manual yet!

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-14.pdf

 

[koriordan]

I'm with Irish Life and got the same message about the TRS reduction. Also hope it's not a slippery slope given it was slipped through without any comment.

 

[redstar]

Strange.

According to Michael McGrath, in an answer to a Dail question on Feb 7th 2024....

"Tax relief for medical insurance premiums is provided at the standard rate of income tax, of 20 per cent. The relief available is equal to the lesser of (a) 20 per cent of the cost of the policy or (b) 20 per cent of €1,000 per adult or €500 per child insured. "

Tax Reliefs

Tax Reliefs Dáil Éireann Debate, Wednesday - 7 February 2024

www.oireachtas.ie