Are you aware that any contributions you've made to
qualifying home saving and loan schemes are tax-deductible on your
2016 Luxembourg individual income tax return? The deduction goes up
to €672 (the same amount extending to any spouse/partner in
the taxpayer's household, and the same amount again for each
child living in the household as well). We remind you to review
your 2016 contributions before year-end so that you can reach the
A footnote for next year: the amount deductible for home savings
plans (€672) will be increased to €1,344 for individuals
between 18 and 40 years old in 2017. For everyone else the ceiling
will remain €672.
Assure yourself on insurance
More potential tax deductions would come from premiums paid out
to qualifying life, death, accident, disability, sickness, or
third-party liability insurance. The same specs apply as to the
previous tip regarding a ceiling of €672, increasable for
spouses/partners and children. Any questions?
Give us a click.
Be interested in interest
Debit interest. Perhaps you've gone days, weeks, or months
without thinking about these two words.
But did you know that your debit interest on consumer loans,
credit cards, and debit bank accounts are tax-deductible on your
2016 individual income tax return in Luxembourg? Up to the tune of
€336, and the same amount again for spouses/children. A
further note: this ceiling will be merged with the ceiling for tax
deduction on insurance premiums: the combined annual ceiling will
be €672 per member of the household from 1 January 2017.
Pay attention to pensions
Your premiums for 3rd-pillar voluntary pension
On your 2016 Luxembourg individual income tax return, the
following ceilings apply separately to each spouse/partner:
This particular ceiling will rise in 2017: these premiums will
become deductible for all taxpayers up to €3,200 from 1
January 2017 onward.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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