What is the maximum amount of Income Protection premiums that Frank can claim as income tax relief for the year 2020?

The correct answer of €12,500 reflects the maximum amount that an individual can claim as tax relief for Income Protection premiums in the 2020 tax year according to the guidelines established by the relevant tax authorities.

In the context of income tax, Income Protection policies are designed to provide financial support to individuals in case they become unable to work due to illness or injury. Tax relief for such premiums is intended to encourage people to take out these policies, thereby supporting their financial stability during difficult times. The specified limit aligns with the rules governing tax deductions for personal insurance premiums, which have been updated regularly, with the cap for 2020 set at €12,500.

Tax law often changes and varies by jurisdiction, so it’s important for individuals to verify details for their specific situation, but within the framework of the question, the specified amount represents the allowable claims for that year.