A tax relief I often see forgotten by taxpayers is the one available where you employer is paying your medical insurance on your behalf.
What tax relief is available?
Tax relief at source at the standard rate of tax on the gross amount of the subscriptions paid for medical insurance.
Tax relief is also available at the standard rate for insurance premiums paid to cover the cost of non-routine dental care.
How do I claim this relief?
The key point is if your employer pays your medical insurance premiums you will not have been given the tax relief at source. Therefore it is important any tax relief is claimed via your income tax return or your employee’s tax credit certificate.
How much can I claim?
Tax relief is capped on a gross premium of €1,000 per adult (€800 net) and €500 gross (€400 net) per student and child on all health insurance policies.
If your employer is paying your medical insurance and you wish to discuss your income tax further, Book A Call or email caroline@charlespcrowley.com to arrange a consultation.