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Are Gap Cover monthly payments tax deductible?

Posted 18 August 2015 under Tax Questions



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Debbie says:
18 August 2015 at 10:51

Are Gap Cover monthly payments tax deductible? "Gap cover falls under the definition of ‚%u20AC%u0153accident and health policy‚%u20ACĚ, in the Short Term Insurance Act No. 53 of 1998, or the Long-term Insurance Act, 1998 and not the Medical Schemes Act, 1998. " My gap cover has said they are unable to give me a tax certificate because it is not tax deductible. Please can you assist.

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TaxTimTaxTim says:
18 August 2015 at 12:57

Gap cover is treated as short term insurance and not medical cover which means it is not deductible for tax purposes unfortunately. Therefore the advise you were given is correct.


Debbie says:
18 August 2015 at 12:58

Thanks very much for the quick response!


TaxTimTaxTim says:
18 August 2015 at 14:01

Only a pleasure!


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