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Income Protection Policy deduction

Posted 4 April 2016

Rasbaba said:
31 March 2016 at 21:37

I have a 'Life cover' policy with Old Mutual that pays out the same value as the assurance value under 'Earning ability cover' section of the policy. Can I claim this as income protection from SARS? Old Mutual has not issued me with a tax certificate for this policy. Many thanks

TaxTim Nicci TaxTim Nicci said:
4 April 2016 at 8:23

Unfortunately not, if it is life cover then it would not be allowable as a deduction unless it is specifically an income protection. Income protection deductions were also disallowed from 1 March 2015.

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