Help You To Manage Your Tax

Tax relief for life insurance premiums was abolished with effect from 6 April 2008. Any premiums paid before 5 April 2008 will receive tax relief in the tax year in which they were paid.

Private Medical Insurance qualifies for tax relief provided it meets certain criteria – you must be resident in the Isle of Man for tax purposes and pay the premiums on an eligible contract. The contract must insure either you or a tax resident relative or friend. The insured person must be at least 60 years old, or if the insured are a jointly assessed couple, then one partner must be at least 60 years old.

Yes. The maximum deduction for private medical insurance premiums is limited to £1,800 per person per annum or £3,600 for jointly assessed couples where both partners are insured and at least one partner is aged 60 years or over. From 6 April 2012, the tax relief for private medical insurance premiums is granted at 10%. There is no limit to the number of policies that you pay, as long as they are eligible.