What are the possible tax deductions?
Many insurance payments or premiums are considered as special expenses and may therefore be deducted from your tax return. These include premiums paid in respect of life, death, accident, disability, sickness, or third-party liability insurance policies, in accordance with Article 111.
What deductions are possible within the meaning of Article 111?
The maximum deduction possible for premiums paid in respect of insurance policies covering life, death, accident, disability, sickness, or third-party liability are as follows:
|Without a spouse||With a spouse|
|Without a child||EUR 672||EUR 1,344|
|With 1 child||EUR 1,344||EUR 2,016|
|With 2 children||EUR 2,016||EUR 2,688|
|With 3 children||EUR 2,688||EUR 3,360|
|With 4 children||EUR 3,360||EUR 4,032|
|+ for each additional child||EUR +672||EUR +672|
Article 111-L.I.R. for single premium “Outstanding Balance” insurance
In the case of outstanding balance insurance (which covers the purchase of the main home) paid in a single premium, the deductible amounts are increased and specified in the table below.
|Up to 30 years of age||Increased, for each completed year from age 31 to 49||For age 50 and above|
|Without a child||EUR 6,000||EUR 480||EUR 15,600|
|With 1 child||EUR 7,200||EUR 576||EUR 18,720|
|With 2 children||EUR 8,400||EUR 672||EUR 21,840|
|With 3 children||EUR 9,600||EUR 768||EUR 24,960|
|With 4 children||EUR 10,800||EUR 864||EUR 28,080|
Article 111-bis for pension scheme
Article 111-bis provides a maximum deduction of EUR 3,200 per year and per taxpayer, for premiums paid into a ‘retirement pension’ type of policy.
Which Bâloise Assurances’ products are eligible for tax deductions?
All premiums paid for the following products may be deducted for tax purposes, up to the maximum amounts indicated above, depending on each taxpayer’s personal situation.
|Article 111 LIR||Article 111bis LIR|
|Drive public liability|
|Private Life public liability|
|Temporary death benefits|
|Outstanding Balance insurance|
|Life Plan (1)|
|Kid’s Plan (1)|
(1) Minimum period of 10 years and additional death cover are essential.