Taxes Consolidation Act 1997 section 470A

Relief for premiums under qualifying long-term care policies

Section 470A provided income tax relief at the standard rate for premiums paid under qualifying long-term care insurance policies, operating through a relief at source system, but it ceased to have effect from the 2010 year of assessment onwards.

• Relief was given at the standard rate of income tax on premiums paid to a qualifying insurer under a Revenue-approved long-term care policy.
• The policy had to cover a "relevant individual" — someone certified by a doctor as unable to perform at least 2 of 6 activities of daily living for 90 days, or as needing substantial supervision due to severe cognitive impairment.
• Relief operated at source: the subscriber deducted the relief from the gross premium, and the Revenue Commissioners reimbursed the insurer for the amount deducted.
• The section ceased to have effect for the year of assessment 2010 and subsequent years.