My medical insurance premium is employer paid, approx €1500 per year gross premium, running for the calendar year.
I see a Benefit in Kind tax applied on my payslip in relation to this, and in previous years I have received tax credits to offset this.
I read that in a recent budget a limit was placed on the tax relief applied at source for medical insurance, and you can now only claim back a maximum of 20% up to €1000.
Does this limit of €1000 also apply in relation to employer paid premium relief? i.e. should my tax credit for 2014 be:
(i) €200 = 20% of €1000 or
(ii) €300 = 20% of €1500
I see a Benefit in Kind tax applied on my payslip in relation to this, and in previous years I have received tax credits to offset this.
I read that in a recent budget a limit was placed on the tax relief applied at source for medical insurance, and you can now only claim back a maximum of 20% up to €1000.
Does this limit of €1000 also apply in relation to employer paid premium relief? i.e. should my tax credit for 2014 be:
(i) €200 = 20% of €1000 or
(ii) €300 = 20% of €1500