BIK on health insurance

[Aisling Maria]

Hi

My husbands company are covering the cost of health insurance for him, myself and 3 children. We have a quote of 2890 in total.

Could anyone let me how I work out the BIk on that please before I sign up for that package.

 

[Gordon Gekko]

It depends whether that €2,890 is gross or net of tax relief at source ("TRS"). Providers usually quote net of TRS, so the gross figure is likely to be €3,590 (i.e. €2,890 + (€200 x 2) + (€100 x 3).

Then your husband is taxed on the €3,590 (probably at 52%) but gets the €700 of credits set out above. That means a tax bill of €1,167.