IncomePartner is a Qualifying Deferred Annuity Policy (“QDAP”) eligible for tax deduction which is certified by the Insurance Authority. Policy owner can enjoy a maximum tax deductible limit up to HKD60,000¹ annually while married spouses can enjoy a maximum tax deductible limit up to HKD120,000¹ amongst themselves, provided that the deduction claimed by each tax payer does not exceed the individual limit of HKD60,000¹.
Smart Medicare is a Flexi Plan certified by the HKSAR under the Voluntary Health Insurance Scheme (“VHIS”). It allows Hong Kong taxpayers to enjoy tax deductions for premiums for themselves and all specified dependent(s). Policy owner is allowed a maximum annual deduction of HKD 8,000 qualified premiums paid for each insured person. There is no cap on the number of insured persons each year.
Smart Medicare offers you following benefits on top of VHIS Standard Plan.
WiseGuard Medical is a Standard Plan certified by the HKSAR under VHIS. Same tax deduction eligibility is provided as Smart Medicare.
How much can you save from QDAP and VHIS?
- This maximum tax deduction limit is the aggregate limit for Mandatory Provident Fund Tax Deductible Voluntary Contribution and deferred annuity premiums. It is also subject to change from time to time. Only the qualified annuity premiums paid in relation to the annuity payments can be tax deductible. Please note any premiums paid for any supplements attached to IncomePartner will not be qualified for tax deduction.
- The above illustrated examples are for reference only. The actual tax savings may be lower than the above examples. The final calculation is subject to the actual assessment results of the Inland Revenue Department (“IRD”). Moreover, the above examples are calculated based on the allowances, deductions, and tax rates for the year of assessment 2018 / 19 and assume that (i) the tax payable is calculated at progressive rates; and (ii) the taxpayer has no other allowances, deductions, or tax concessions, except for the allowances and deductions illustrated above.
- Each taxpayer can enjoy a maximum tax deductible limit of HKD60,000, which is the aggregate limit for qualifying annuity premiums and Mandatory Provident Fund Tax Deductible Voluntary Contribution. While for VHIS, each insured person can enjoy a maximum tax deductible limit of HKD8,000 for qualifying VHIS premiums.
You must meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the IRD of HKSAR before you can claim the tax deductions.
Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. You should always consult with a professional tax advisor if you have any doubts. Please note that the tax law, regulations or interpretations are subject to change and may affect related tax benefits including the eligibility criteria for tax deduction. We do not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you. Please contact the IRD directly for any tax related enquiries.
Information on this webpage is for reference only, and not intended to be a complete description of the applicable terms and conditions. Please refer to the product brochure and policy contract for detailed terms and conditions. You should not purchase a policy based on the information on this website alone.