Taxes Consolidation Act 1997 section 470B

Age-related relief for health insurance premiums

Section 470B provides an age-related tax credit for health insurance premiums paid under contracts renewed or entered into between 1 January 2009 and 1 January 2013, in respect of insured persons aged 50 or over.

• The credit is available on health insurance premiums paid under contracts entered into or renewed on or after 1 January 2009 but before 1 January 2013, and is given in addition to the standard health insurance relief under section 470.
• The credit amount varies by age band and by the period in which the contract was renewed or entered into; for contracts renewed or entered into in 2012, the credits range from nil (for those aged 50–59) up to €2,700 (for those aged 85 and over).
• Relief is given at source: the policyholder deducts the credit from the gross premium, the insurer accepts the net amount as full payment, and the insurer recovers the deducted amount from Revenue.
• Where an employer pays the premium as a benefit in kind, any excess credits over the income tax chargeable on that benefit cannot be set against the employee's other income tax liability.