Are Gap Cover monthly payments tax deductible?
By Marc Sevitz · Updated
Are Gap Cover monthly payments tax deductible? "Gap cover falls under the definition of â%u20AC%u0153accident and health policyâ%u20AC, 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.
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.
Thanks very much for the quick response!
Only a pleasure!