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Income continuance scheme

  • 06-03-2019 2:15pm
    #1
    urbancowboy
    Registered Users, Registered Users 2 Posts: 23 ✭


    Hi,

    Just looking for clarification on an income continuance benefit provided by my employer. My employer provides this as part of the overall benefits package. There is no cost to me through payroll. The only BIK that shows for year end on December's payslip is the total of my health insurance premium which my employer also pays. My question is: Can I claim relief on my form 12 for this income continuance benefit? I already have a health insurance credit. If so, what information would I need to source from payroll. TIA if anybody can clarify.


Comments

  • #2
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    urbancowboy wrote: »
    Hi,

    Just looking for clarification on an income continuance benefit provided by my employer. My employer provides this as part of the overall benefits package. There is no cost to me through payroll. The only BIK that shows for year end on December's payslip is the total of my health insurance premium which my employer also pays. My question is: Can I claim relief on my form 12 for this income continuance benefit? I already have a health insurance credit. If so, what information would I need to source from payroll. TIA if anybody can clarify.

    Why would you be seeking to claim tax relief on something that you don't pay for?


  • #3
    urbancowboy
    Registered Users, Registered Users 2 Posts: 23 ✭urbancowboy


    Squatter wrote: »
    Why would you be seeking to claim tax relief on something that you don't pay for?

    Just a conversation came up at work whereby some are of the opinion a claim can be made. From my own research I do not think this is the case as you have pointed out above I don't actually pay for this benefit. If I was paying for this policy myself then I could claim relief on the premium. I probably should have added this into the opening post. Was just looking to confirm my thinking is correct. Thanks


  • #4
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    urbancowboy wrote: »
    Just a conversation came up at work whereby some are of the opinion a claim can be made. From my own research I do not think this is the case as you have pointed out above I don't actually pay for this benefit. If I was paying for this policy myself then I could claim relief on the premium. I probably should have added this into the opening post. Was just looking to confirm my thinking is correct. Thanks

    Understood, thanks. I strongly suspect that there's a risk that you'd be hit for a further BIK charge if you went looking for a tax credit for a benefit that your employer provides to you, FOC!


  • #5
    scheister
    Registered Users, Registered Users 2 Posts: 1,310 ✭✭✭scheister


    Squatter wrote: »
    Understood, thanks. I strongly suspect that there's a risk that you'd be hit for a further BIK charge if you went looking for a tax credit for a benefit that your employer provides to you, FOC!

    id be more of the idea that rather then a perk for you it is an insurance plan for the company. If you do end up out sick it is the insurance company and not ur employer footing the bill.

    I would only imagine you would be entitled to the credit if you have the cost either via BIK or in a personal capacity.


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