If you have a voluntary pension saving scheme in accordance with Section 2-3 second paragraph of the Defined Contribution Pension Act, you will be entitled to a deduction for your expenses.
The maximum saving is 6 per cent of the calculated personal income before the deduction of premiums for the pension scheme between 1 and 12 National Insurance basic amounts. (You can find out more about the National Insurance basic amount - G - from NAV.)
There are also deductions for risk insurance (e.g. insurance for death, disability and incapacity for work) in the form of disability pension under the Occupational Pensions Act, and benefits to next-of-kin and exemption from contributions in the case of disability, under the Company Pension Scheme Act. Entitlement to deductions for such premiums comes in addition to the maximum contribution limit mentioned above.
The amount must be entered in income statement 1(RF-1175) or in Business Tax Return, item 5950.
As a business, you will generally not be entitled to sickness benefit until 16 days have passed, and it will then be limited to 65 percent of the personal income - up to 6G. However, you can still take out insurance through the National Insurance scheme in order to increase your cover for lost income. The upper threshold for the sickness benefit basis of 6G applies even if you have taken out insurance. You can take out one of three alternative types of insurance:
- 65 percent of the sickness benefit basis from the first day of sickness
- 100 percent of the sickness benefit basis from the 17th day of sickness
- 100 percent of the sickness benefit basis from the first day of sickness
The premiums must be entered under item 3.2.18 of your tax return. Additional coverage for sickness benefit taken out with an insurance company will NOT be deductible in either the income statement or the tax return.
Disability and accident insurance
Voluntary occupational injury insurance from NAV is deductible up to NOK 700 under item 3.2.2 of the tax return.