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HELP: sentence about tax and insurance

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  • Jirka Bolech
    Hi there, I ve stumbled at this sentence: The standard rate of income tax on private health insurance is deducted at source. What is actually deducted and
    Message 1 of 10 , Nov 15, 2005
      Hi there,

      I've stumbled at this sentence: "The standard rate of income tax on private
      health insurance is deducted at source." What is actually deducted and what
      from? The context is Irish system of private health care. Advice
      appreciated...

      Jirka Bolech
    • Zuzana Kočičková
      Not an expert, but the private health care insurance in Ireland is voluntary - maybe this kind of insurance is deducted at an employer (a source?) but it is
      Message 2 of 10 , Nov 15, 2005
        Not an expert, but
        the private health care insurance in Ireland is voluntary - maybe this kind
        of insurance is deducted at an employer (a source?) but it is not
        tax-deductible - the source deducts a standard rate of income tax from the
        amount a person wants to sent to the insurance company.
        :-)
        Z.



        ----- Original Message -----
        From: "Jirka Bolech" <jirka.bolech@...>
        To: "Smartgroups" <Czechlist@...>; "Yahoogroups"
        <Czechlist@yahoogroups.com>
        Sent: Tuesday, November 15, 2005 4:33 PM
        Subject: [Czechlist] HELP: sentence about tax and insurance


        > Hi there,
        >
        > I've stumbled at this sentence: "The standard rate of income tax on
        private
        > health insurance is deducted at source." What is actually deducted and
        what
        > from? The context is Irish system of private health care. Advice
        > appreciated...
        >
        > Jirka Bolech
        >
        >
        >
        >
        > Czechlist resources:
        > http://www.bohemica.com/czechtranslation
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >
        >
        > Yahoo! Groups Links
        >
        >
        >
        >
        >
        >
        > __________ Informace od NOD32 1.1173 (20050719) __________
        >
        > Tato zprava byla proverena antivirovym systemem NOD32.
        > http://www.nod32.cz
        >
        >
      • trigos@gmail.com
        FWIW, I would say at source = salary, emoluments or whatever. The standard rate of income tax is thus applied to the private health insurance contribution
        Message 3 of 10 , Nov 15, 2005
          FWIW, I would say "at source" = salary, emoluments or whatever.
          The standard rate of income tax is thus applied to the private health
          insurance contribution (equivalent to a premium) and the resulting amount is
          deducted from the salary.
          Jose


          Not an expert, but
          the private health care insurance in Ireland is voluntary - maybe this kind
          of insurance is deducted at an employer (a source?) but it is not
          tax-deductible - the source deducts a standard rate of income tax from the
          amount a person wants to sent to the insurance company.


          [Non-text portions of this message have been removed]
        • Jirka Bolech
          Thanks a lot, Zuzana and Jose: As far as I can tell, you both basically mean the same: If a person decides to pay private health care system insurance, an
          Message 4 of 10 , Nov 16, 2005
            Thanks a lot, Zuzana and Jose:

            As far as I can tell, you both basically mean the same: If a person decides
            to pay private health care system insurance, an amount, which consists of
            the insurance payment itself + income tax at standard rate calculated from
            the former, is deducted from the person's salary or wages...

            Jirka Bolech
          • Valerie Talacko
            Jirka, I ve just done a couple of google searches, and it looks as if it s talking about something else. The deduction of the tax relief that is allowed for
            Message 5 of 10 , Nov 16, 2005
              Jirka, I've just done a couple of google searches, and it looks as if it's
              talking about something else.

              The deduction of the tax relief that is allowed for private health insurance
              takes place at source (ie. it is deducted from the premium that you pay,
              rather than you having to claim the tax relief yourself at the end of the
              year.

              e.g.

              "Tax relief
              Private health insurance premiums are subject to income tax relief at source
              at the standard rate. The premium charged by the insurer will automatically
              take account of this relief. When you get a quote make sure you know whether
              the premium is quoted net or gross of tax relief."

              "From April 2001, standard rate income tax on private health insurance will
              be deducted at source. This means you will no longer have to claim your tax
              relief at the end of the year."
              http://www.nuigalway.ie/hr/commencing_employment/health_insurance_schemes.html

              ----- Original Message -----
              From: "Jirka Bolech" <jirka.bolech@...>
              To: "Smartgroups" <Czechlist@...>; "Yahoogroups"
              <Czechlist@yahoogroups.com>
              Sent: Wednesday, November 16, 2005 1:17 PM
              Subject: [Czechlist] THANKs -- HELP: sentence about tax and insurance


              > Thanks a lot, Zuzana and Jose:
              >
              > As far as I can tell, you both basically mean the same: If a person
              decides
              > to pay private health care system insurance, an amount, which consists of
              > the insurance payment itself + income tax at standard rate calculated from
              > the former, is deducted from the person's salary or wages...
              >
              > Jirka Bolech
              >
              >
              >
              >
              > Czechlist resources:
              > http://www.bohemica.com/czechtranslation
              >
              >
              >
              >
              >
              >
              >
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              >
              > Yahoo! Groups Links
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            • Jirka Bolech
              Hi Valerie, I see. So the amount to be paid is the insurance payment itself (premium) MINUS (deducted) some kind of a tax allowance. Thanks for your correcting
              Message 6 of 10 , Nov 16, 2005
                Hi Valerie,

                I see. So the amount to be paid is the insurance payment itself (premium)
                MINUS (deducted) some kind of a tax allowance.

                Thanks for your correcting contribution...

                Jirka Bolech
              • Valerie Talacko
                Yes...This makes it clearer still: Tax Relief on Private Health Insurance Premiums Private health insurance premiums are subject to income tax relief at source
                Message 7 of 10 , Nov 16, 2005
                  Yes...This makes it clearer still:
                  Tax Relief on Private Health Insurance Premiums

                  Private health insurance premiums are subject to income tax relief at source
                  at the standard rate (currently, as at November, 2004, 20%). The premium
                  charged by the insurer will automatically take account of this relief. When
                  an insurer quotes you a premium, you should make sure that you are aware
                  whether the premium quoted is net or gross of this tax relief.

                  http://www.hia.ie/docs/pcaci/2004-Private-Health-Insurance-Your-Rights-Your-Choices.pdf

                  ----- Original Message -----
                  From: "Jirka Bolech" <jirka.bolech@...>
                  To: "Smartgroups" <Czechlist@...>; "Yahoogroups"
                  <Czechlist@yahoogroups.com>
                  Sent: Wednesday, November 16, 2005 4:59 PM
                  Subject: RE: [Czechlist] THANKs -- HELP: sentence about tax and insurance


                  > Hi Valerie,
                  >
                  > I see. So the amount to be paid is the insurance payment itself (premium)
                  > MINUS (deducted) some kind of a tax allowance.
                  >
                  > Thanks for your correcting contribution...
                  >
                  > Jirka Bolech
                  >
                  >
                  >
                  >
                  > Czechlist resources:
                  > http://www.bohemica.com/czechtranslation
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  >
                  > Yahoo! Groups Links
                  >
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                  >
                  >
                  >
                • Zuzana Kočičková
                  Jirka, sorry for misleading you, I have found an article where they did not say anything about the tax relief... Thanks to Valerie it clear now. Z. ... From:
                  Message 8 of 10 , Nov 16, 2005
                    Jirka, sorry for misleading you, I have found an article where they did not
                    say anything about the tax relief...
                    Thanks to Valerie it clear now.
                    Z.
                    ----- Original Message -----
                    From: "Valerie Talacko" <valerie@...>
                    To: <Czechlist@yahoogroups.com>
                    Sent: Wednesday, November 16, 2005 5:08 PM
                    Subject: Re: [Czechlist] THANKs -- HELP: sentence about tax and insurance


                    > Yes...This makes it clearer still:
                    > Tax Relief on Private Health Insurance Premiums
                    >
                    > Private health insurance premiums are subject to income tax relief at
                    source
                    > at the standard rate (currently, as at November, 2004, 20%). The premium
                    > charged by the insurer will automatically take account of this relief.
                    When
                    > an insurer quotes you a premium, you should make sure that you are aware
                    > whether the premium quoted is net or gross of this tax relief.
                    >
                    >
                    http://www.hia.ie/docs/pcaci/2004-Private-Health-Insurance-Your-Rights-Your-
                    Choices.pdf
                    >
                    > ----- Original Message -----
                    > From: "Jirka Bolech" <jirka.bolech@...>
                    > To: "Smartgroups" <Czechlist@...>; "Yahoogroups"
                    > <Czechlist@yahoogroups.com>
                    > Sent: Wednesday, November 16, 2005 4:59 PM
                    > Subject: RE: [Czechlist] THANKs -- HELP: sentence about tax and insurance
                    >
                    >
                    > > Hi Valerie,
                    > >
                    > > I see. So the amount to be paid is the insurance payment itself
                    (premium)
                    > > MINUS (deducted) some kind of a tax allowance.
                    > >
                    > > Thanks for your correcting contribution...
                    > >
                    > > Jirka Bolech
                    > >
                    > >
                    > >
                    > >
                    > > Czechlist resources:
                    > > http://www.bohemica.com/czechtranslation
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > > Yahoo! Groups Links
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    > >
                    >
                    >
                    >
                    >
                    >
                    > Czechlist resources:
                    > http://www.bohemica.com/czechtranslation
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    >
                    > Yahoo! Groups Links
                    >
                    >
                    >
                    >
                    >
                    >
                    > __________ Informace od NOD32 1.1173 (20050719) __________
                    >
                    > Tato zprava byla proverena antivirovym systemem NOD32.
                    > http://www.nod32.cz
                    >
                    >
                  • coilinoc
                    Hi there, This is probably way too late, but I thought I thought I d post it anyway for future reference. Being Irish I was ashamed to admit I hadn t a clue
                    Message 9 of 10 , Nov 18, 2005
                      Hi there,
                      This is probably way too late, but I thought I thought I'd post it
                      anyway for future reference. Being Irish I was ashamed to admit I
                      hadn't a clue what the sentence referred to (I have been away a long
                      time). I e-mailed the query to my Dad who also didn't really know
                      what it referred to but he got the following info from a friend who
                      works in health insurance (BTW VHI is kind of like an Irish VZP,
                      while BUPA is also on the market now since private health insurance
                      was liberalised some time ago):

                      Currently, relief is granted on health insurance e.g. VHI, BUPA at
                      source as follows;

                      If the health insurance policy is EUR1,000 for the year, you will
                      only pay EUR800 to VHI. In the past, the full value of the policy
                      would have been paid to the VHI and you would subsequently have
                      claimed tax relief. You would have ended up in the same net
                      position, as you would have paid EUR1,000 to the VHI and received
                      EUR200 in tax relief. It is a system designed to ease the
                      administrative burden.

                      I hope this clears it up. If you have any other questions, please
                      let me know.

                      Regards,
                      Martin.

                      HTH
                      Coilin
                    • Jirka Bolech
                      Hi Coilin, thanks for your confirmation taken over from the horse s mouth. It indeed corresponds with the explanation provided by Valerie... Jirka Bolech
                      Message 10 of 10 , Nov 18, 2005
                        Hi Coilin,

                        thanks for your confirmation taken over from the horse's mouth. It indeed
                        corresponds with the explanation provided by Valerie...

                        Jirka Bolech
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