Premiums not deductible

The Inland Revenue Department has confirmed premiums paid on an endowment policy taken out to repay a business loan are not tax deductible expenses.
IRD makes its position clear in the latest Tax Information Bulletin.
It says a woman anxious to obtain a $500,000 loan for her business asked IRD if the annual premiums of $20,000 are deductible expenses.
She told the department that a re...