tax back on medical insurance

Tech3

Hi,

I am currently claiming back 20% tax back on medical insurance for the last 3yrs which accounts to 300. I also have requested a p21 balancing statement recently and recieved under 200 euro for overpaid tax. I was wondering how would I know when its the tax back for the medical insurance as it doesnt mention much on the p21 statement. Would it be included on these or is it a seperate issue?

thanks,
tech2

Santa Claus

Tax relief on medical insurance such as VHI Bupa etc is taken at source .i.e it's taken off your premium and has been done this way for the past 4 or 5 years !

Ticktactoe

OP,
I assume when you say you are claiming for relief on Medical Insurance, you are claiming Medical Insurance that has been paid for you by your employer and therefore you are entitled to claim the relief on it.
If you recieved your P21 and it is for the same year that you are also claiming the relief on the Insurance then on the back of the p21, about half way down the page, you should see Medical Insurance relief and a figure beside it. If this does not appear then you did not receive the relief. You should call revenue and query it with them as your claim may not have been processed properly.

Santa Claus

Ticktactoe wrote: »

OP,
I assume when you say you are claiming for relief on Medical Insurance, you are claiming Medical Insurance that has been paid for you by your employer and therefore you are entitled to claim the relief on it.

You're not entitled to claim relief on anything paid for by your employer. You would be TAXED on that as benefit in kind !

As I said, tax relief is given at source, off the premium of medical insurance !

Ticktactoe

Santa Claus wrote: »

You're not entitled to claim relief on anything paid for by your employer. You would be TAXED on that as benefit in kind !

As I said, tax relief is given at source, off the premium of medical insurance !

An employer can pay for their employees (or part of their employees) medical insurance. As the employer pays this TRS does not apply and therefore in order for the employee to receive the tax relief they must apply to Revenue.
As quoted on the Revenue website:
"To ensure that the employee is granted the relief afforded by TRS, the employee will be given a tax credit (at the standard rate) for the gross premium in his or her certificate of tax credits."

The form you need to complete when submitting the claim to revenue is IT5. You also must submit a letter from your employer stating how much the paid on your behalf.

Tech3

Hi Ticktactoe,

Yep the company im working for is paying my medical insurance. I found the details on the p21 on panel 4. medical Ins Rlf.

Thanks,
tech2

broker2008

If you paid tax at the highest rate over the previous years you may be entitled to claim tax relief at the higher level - also take into consideration the excess before claim is payable and also to deduct any payments paid by private health insurers.

Tech3

broker2008 wrote: »

If you paid tax at the highest rate over the previous years you may be entitled to claim tax relief at the higher level - also take into consideration the excess before claim is payable and also to deduct any payments paid by private health insurers.

The highest level I presume is 42%? If yes then I was taxed on average 5,000 every year on the highest band after the 34/35K cutoff