Hi all,
I am a PAYE employee in an occupational pension scheme.
Recently my employer has started providing me with Health Insurance. The amount paid by the employer each month is 117.60 euro and this has started appearing on my monthly payslip under the heading 'BIK (Health Insurance)'.
I have a couple of questions:
1) Can I send 20% (based on my age - I am 36yo) of this 117.60 euro BIK amount to pension scheme each month, and then claim tax relief at 40% (marginal rate)?
2) There is also a mention on Revenue website of 20% tax relief for employer-paid Health Insurance up to a cap of 200 euro. If answer to 1) above is 'Yes', then am I also eligible to claim this 200 euro tax relief separately?
Any thoughts appreciated. I'm finding this very confusing.
Turing
I am a PAYE employee in an occupational pension scheme.
Recently my employer has started providing me with Health Insurance. The amount paid by the employer each month is 117.60 euro and this has started appearing on my monthly payslip under the heading 'BIK (Health Insurance)'.
I have a couple of questions:
1) Can I send 20% (based on my age - I am 36yo) of this 117.60 euro BIK amount to pension scheme each month, and then claim tax relief at 40% (marginal rate)?
2) There is also a mention on Revenue website of 20% tax relief for employer-paid Health Insurance up to a cap of 200 euro. If answer to 1) above is 'Yes', then am I also eligible to claim this 200 euro tax relief separately?
Any thoughts appreciated. I'm finding this very confusing.
Turing