I'm sure I read somewhere a few years ago that I am able to claim income protection insurance payments I make on behalf on my child (ie the insurance is to cover them). Is this the case? Does the same apply if I pay my wife?
Income protection insurance premiums are deductible because any income from a claim is taxable.
You would need to receive the taxable income, in the event of a claim, in order for premiums to be claimable by you.
Income protection insurance premiums are deductible because any income from a claim is taxable.
You would need to receive the taxable income, in the event of a claim, in order for premiums to be claimable by you.
22 Apr 2024 · 6 min read time
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