Are my IP payments taxable?

1 min. readlast update: 02.09.2024

Yes, Income Protection (IP) insurance payments typically replace your regular income and are generally considered taxable. However, the tax implications can vary based on individual circumstances and specific policy details.

Key Considerations

  • Taxable Income: IP payments usually fall under the category of taxable income, akin to your regular salary or wages.
  • Claim Deductions: If you've been paying your IP insurance premiums from after-tax income, you might be eligible to claim a tax deduction.

How Claimfinder Can Assist:

While Claimfinder doesn't provide direct advice, we specialise in connecting individuals with top-tier experts who can offer guidance on such matters. If you have tax-related queries regarding your IP payments, we can help you find the right professional to consult.

If you have any questions or need assistance, please contact Claimfinder. We're here to help.  

Important Note: Claimfinder is a service that connects people with super claim specialists. We don't handle claims or provide legal or financial advice. For more information about our services and responsibilities, please refer to our Privacy Policy and Terms of Use.
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