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Is Benefit in Kind on health insurance really that low?

TK Lemon · 2019-08-14 14:40:26

Mr. Lemon earns €37,000 per anum and makes pension contribution (15% max for his age). His company pays his health insurance subscription. He did a calculation on www.deloitte.ie/tc to see how much he’d be earning if his employer wasn’t paying for his insurance. According to the calculation, he’d only be €113 better off.…

14-08-2019 02:40PM

#1

TK Lemon

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Mr. Lemon earns €37,000 per anum and makes pension contribution (15% max for his age).

His company pays his health insurance subscription.

He did a calculation on www.deloitte.ie/tc to see how much he’d be earning if his employer wasn’t paying for his insurance.

According to the calculation, he’d only be €113 better off. He’s hardly only paying €113 tax on a policy worth €1,100 is he?

He’s terrified he’s underpaying and he’ll be stung for a huge pack tax bill at the end of FY19.

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#2 17-08-2019 02:31PM

[Deleted User]
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It is taxed just like normal income, but then there is tax relief on it.

Maybe he has this relief on his Tax Credits

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