Income Projection Insurance

M

memphis06

Guest
hi

My company pays this Income Protection Insurance for me.

Can i claim tax credits for this?

thanks
 
No. If you pay it, you can get tax relief. If the company pays it, the company gets the relief.
 
Only if they are taxing you for the premium as a BIK which I presume they are not. If so you get full relief at marginal tax rate for premiums up to 10% of your salary.

If they are not applying BIK then you have no gain by claiming. You would actually lose as you should be paying prsi on the BIK.

I stand to be corrected here but I think this area is generally overlooked with a blind eye because when a company pays the premium it is normally part of a group scheme and thus impossible to say what the benifit is for each person. So a company can't properly charge BIK. The premium is not calculated individually for each employee. Rather the ins company apply an average rate per pound of salary.
 
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