BIK Calculation for Health Insurance

Lex Luthor · 2012-04-12 10:27:56

Can anyone give me the details of a personal liability on the BIK for health insurance paid by an emplyer since 2006? ie. Tax/PRSI/Health Levies/USC % rates Also what tax credits were available since 2006? Was it always 20%? Assume salary greater than €48.8k for the years mentioned and age less than 50

12-04-2012 11:27AM

#1

Lex Luthor

Registered Users, Registered Users 2 Posts: 11,203 ✭✭✭✭

Join Date: February 2004

Posts: 10474

Can anyone give me the details of a personal liability on the BIK for health insurance paid by an emplyer since 2006?

ie. Tax/PRSI/Health Levies/USC % rates
Also what tax credits were available since 2006? Was it always 20%?

Assume salary greater than €48.8k for the years mentioned and age less than 50

0

Comments

#2 22-04-2012 01:42PM
IrishTaxGuide

Registered Users, Registered Users 2 Posts: 6 ✭

Join Date: April 2012

Posts: 6
Not sure what you mean by personal liability. Since 2004 the obligation is with the employer to operate PAYE on all benefits in kind for employees.

With health insurance the tax treatment is:

Employer pays net amount to insurance company;

Employer taxes employee on the gross amount of the premium;

Employer pays over the TRS amount to Revenue with their annual corporation/income tax return;

Employee gets tax credit of TRS amount.

0