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Budget 2013: Medical Insurance tax relief

DerryRed · 2013-10-16 14:45:07

My employer pays for our family medical insurance. The cost of our premiums exceed the new €1000 (adults) and €500 (children) limits. Given I already pay tax on this due to it being a Benefit in Kind, will I stand to lose out more due to the new tax relief caps?

16-10-2013 2:45pm

#1

DerryRed

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Join Date: March 2005

Posts: 336

My employer pays for our family medical insurance. The cost of our premiums exceed the new €1000 (adults) and €500 (children) limits. Given I already pay tax on this due to it being a Benefit in Kind, will I stand to lose out more due to the new tax relief caps?

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#2 16-10-2013 2:58pm

Bold Abdu

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To make things easy I'll assume you have an individual policy that costs €2K.

Current situation. Policy costs €2,000. Employer pays €1,600 to VHI and €400 to Revenue. You will be taxed on the €2K through PAYE. You can then claim the tax credit of €400 from Revenue.

New situation. Policy costs €2,000. Employer pays €1,800 (only the first €1,000 has tax relief) to VHI and €200 to Revenue. You will be taxed on the €2K through PAYE. You can then claim the tax credit of €200 from Revenue.

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