Personal accident insurance is not tax deductible because its not strictly a business expense.

Is personal accident insurance tax deductible. This is because it provides cover to the business for named individuals. Get Your Free Quote Now. Ad Ages 18 - 59 Accepted.

The IRAS recently updated its website to change the tax treatment of premiums paid on group term life and personal accident insurance policies. According to a deduction in Section 80C personal accident policies are not eligible for tax deduction. Get Accident Hospital Stay Insurance- Giving you financial help when you need it most.

Which would eventually reduce the tax bill. Well help you get the compensation you deserve. Is Personal Accident Insurance tax deductible.

Speak To An Expert Now. Business insurance like professional indemnity public liability and employers liability insurance are tax deductible so you can subtract the cost from your income when calculating your taxable profit. Ideal For UK Expats.

No Medical Questions Immediate Cover. Personal accident insurance which covers the insured in connection with a motor vehicle for example whilst driving or whilst getting in or out of a vehicle will also be liable to the higher rate. Unlike many other business insurance coverages eg Public Liability or Employers Liability insurance Personal Accident insurance is not tax deductible because it provides a benefit.

Employees are the beneficiaries or have the contractual right 1 to the insurance payouts from a group insurance policy. Expert Service With All Cover Documents Are Provided In English. However a claim should not give rise to taxable income.