(D)
How to Complete the Return

Part 10 Qualifying Annuity Premiums and Tax Deductible MPF Voluntary Contributions
Item point
Qualifying annuity premiums and tax deductible MPF voluntary contributions (TVC) are
  deductible under Salaries Tax and Personal Assessment. The deduction is applicable to
  the year of assessment 2019/20 and after. (boxes 112, 113 & 114 of paper return)
Item point
Eligibility for deduction
(a)
Qualifying Annuity Premiums: The policy holder of a Qualifying Deferred Annuity
Policy must be yourself and / or your spouse. The qualifying annuity premiums must
be paid by you and / or your spouse (not living apart). The annuitant of the policy must
be yourself and / or your spouse (being your spouse at any time during the year of
assessment). The annuitant must be a HKID Card holder during the relevant year of
assessment.
 
(b)
TVC: The MPF voluntary contributions must be paid into a TVC account defined under
the Mandatory Provident Fund Schemes Ordinance. You must be the TVC account
holder.
Item point
You may claim deduction for qualifying annuity premiums paid for your spouse,
  but premiums claimed in your spouse‚Äôs return should be excluded.
Item point
If you claim deductions in respect of both qualifying annuity premiums and TVC in a year
  of assessment, TVC are to be firstly allowed and qualifying annuity premiums are to be secondly allowed by the Department.
Item point
The deductible amount shall not exceed the aggregate of qualifying annuity premiums
  and TVC paid during the year of assessment or the specified maximum deduction, whichever is lower.
Item point
The aggregate amount of boxes 112, 113 and 114 of paper return shall not exceed
  the specified maximum deduction prescribed in the Inland Revenue Ordinance.

 


(April 2020)