Health Insurance Benefit in kind

S

sjapok

Registered User
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Hi,

I have a corporate private health insurance scheme with my company, where they pay for my private health insurance. I understand that it is a benefit in kind hence I need to pay tax/usc etc on the total premium.

However, VHI tell me that the annual premium for the scheme is €1,410 but my employer is deducting €134.25 per month (i.e. €1,611). Does anyone know why this might be? Note that my employer deducts this in each month of the year.

Thanks,
Stephen
 
You pay BIK based on the gross (€1,600).

The company pays €1,400 (due to tax relief at source of €200).

The company repays the €200 to Revenue.

You then claim a €200 tax credit.
 
Check your payslip to see if you have anything like "MedIns BIK", you might be getting the credit\relief already.
 
Thanks Odyssey, unfortunately I'm only getting my regular 3,300 tax credits :-( I'll just apply for this on PAYE online. Thanks for the help again.
 
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