Dáil Éireann Debate, Thursday - 27 February 2014
71. Deputy Michael McGrath asked the Minister for Finance the number of customers for whom tax relief on their private medical insurance is capped; the percentage this is of all customers claiming tax relief on private medical insurance; and if he will make a statement on the matter. [10233/14]
View answerI am advised by Revenue that according to its calculations, approximately 577,000 policy holders, covering 1.1 million insured individuals, are likely to be affected by the restriction of tax relief on medical insurance, which was announced as part of Budget 2014. This figure equates to almost 53% of all policies.
Revenue's calculations in this regard are based on its analysis of the Returns and gross premium price data provided by the Health Insurers in respect of 2012. The 2012 information is the most current 'full year' data set available to Revenue at this time. The Health Insurers are not obliged to file Returns in respect of 2013 until 30 June 2014.
Revenue also confirmed to me because the budget change only took effect from 16 October 2013 and because policy renewal dates occur throughout the year, the full impact of the changes will not be fully apparent until after the submission of the 2014 Returns, which are not due until 30 June 2015.
