A tax relief that is often overlooked is Mortgage Life Assurance (also known as Mortgage Protection) on investment property loans. In the past due to higher interest rates it was unlikely that investors in residential property had any significant taxable rental profits (due to high interest rates). However the fact that individuals can only obtain relief on 75% of interest paid and the presence of low interest rates have meant even in these times of a very weak property market that property investors may for the first time in years have taxable rental profits.
According to Revenue “In strictness mortgage protection policy premiums are arguably not part of the cost of management of the premises but relate more to the management of the landlord’s financial affairs than to the management of the premises. Such expenditure could also be argued to be capital in nature. However, Revenue recognize that financial institutions insist that such policies are put in place when sanctioning borrowings. Accordingly Revenue, having reviewed the position, is prepared to treat mortgage protection policy premiums paid as an allowable deduction in computing rental income for income and corporation tax purposes”
See here.