TAILIEUCHUNG - Medical Insurance Relief

We are all aware of the essential role that insurance services play as a commercial and infrastructural service. From an infrastructural perspective it promotes financial and social stability, mobilizes and channel savings, supports trade, commerce and entrepreneurial activity and improves the quality of the lives of individuals. In a fast-globalizing world economy, Governments the world over are faced with challenges relating to the regulatory environment, emerging global trends in the insurance sector, technological innovations and liberalization of the insurance sector. The impact of these trends is perhaps more pronounced in the case of developing countries, who stand to benefit from. | Introduction This leaflet sets out the arrangements for the granting of tax relief on medical insurance premiums . Tax Relief at Source TRS and Age-Related Tax Credit ARTC . Section A outlines the operation of granting tax relief for subscribers who are Aged 50 years and under for the years 2009 and 2010 only Aged 60 years and under for the year 2011 on the renewal date or date of entry and the premium is paid by either themselves or by their employer in whole or in part. Section B outlines the operation of granting tax relief for subscribers who are Aged 50 years and over for the years 2009 and 2010 only Aged 60 years and over for the year 2011 on the renewal date or date of entry and the premium is paid by either themselves or by their employer in whole or in part. The tax relief in respect of subscribers aged between 50 and 59 years has been abolished for the year 2011 and following years where the policy was entered into or renewed on or after 1st January 2011. Section A Subscribers on the renewal date or date of entry who are Aged 50 years and under for the years 2009 and 2010 only Aged 60 years and under for the year 2011 Tax Relief at Source Tax relief for medical insurance paid to an authorised insurer is granted at source through the Tax Relief at Source TRS system. 2 Subscribers pay a reduced premium equal to 80 of the gross amount to the authorised medical insurer. This reduction is the same as giving tax relief at the standard rate of tax 20 . No further claim is required to be made to Revenue. Employer paid medical insurance premiums An employee whose medical insurance premiums are paid by their employer on their own and or their dependants behalf will not have been allowed TRS. Claiming Relief The relief due can be included in your Tax Credit Certificate and can be claimed by either phoning your Regional PAYE LoCall Service whose number is listed at the end of this leaflet or completing and submitting the form attached to this leaflet to your local

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