View Full Version : Taxable Benefits
Hoof Hearted
27th May 2005, 19:20
In my last job I had BUPA and Loss of licence insurance. Are these taxable benefits or a necessary part of my salary in carrying out the job of pilot and therefore exempt from income tax. Any sensible advice gratefully received. Do we have a tax expert in our midst?
Pub User
28th May 2005, 03:13
Private health insurance is definitely a taxable benefit. Don't know about insurance.
longarm
28th May 2005, 16:17
Both are fully taxable as neither are required for you to carry out your job.
Piltdown Man
29th May 2005, 09:02
Maybe and maybe not. Watch this space!
Paul Wilson
29th May 2005, 09:09
Before my stepfather got his BUPA cover from the company, (a taxable benefit for him) he needed an operation. Company paid for this as they needed him back quickly - no tax to pay , as it was done for the companies benefit. So if a large company had a large number of employees on BUPA would it not be cheaper for them to just pay for all medical expenses out of the company bank account, and say that all procedures were for the companies benefit? In a large company the costs would average out to less than BUPA would charge for insurance (they have to make a profit after all)
MaximumPete
29th May 2005, 09:25
The "life" part of the loss of licence insurance used to attract a tax rebate but you got clobbered on the rest.
As for BUPA I'm not sure but I'm sure Uncle Tony took away tax benefit on private health insurance for senior citizens, just when you could do with it most!
MP;)
Dan Winterland
29th May 2005, 09:41
PW I think you will find that if the IR hear about your stepfather's op, they will be asking him for 40% of the value of the treatment. I kid you not! There was a recent case of a Policeman who had his op paid for by his Police Force as there was a year waiting list for his op and he couldn't work with his condition. His tax bill was for nearly a whole year of his salary!!!!!
The "life" part of the loss of licence insurance used to attract a tax rebate but you got clobbered on the rest.
A rebate on what basis?
Any extra info would be appreciated I 'm looking for all the relief possible Got a hefty relocation allowance to offset.
MaximumPete
30th May 2005, 16:38
Dunno
But they used to when I was in Cambrian.
The company picked up the tab for the insurance, as part of the conditions of service, and we picked up the tax relief.
Good game!
MP;)
Piltdown Man
9th Jun 2005, 17:56
Following advice from Balpa, most of my colleagues (including former ones now working in sunnier and sandier places, amongst others) are now pursuing tax rebates for the years where tax was paid on Benefits in Kind (P11D) for loss of licence insurance. Apparently, rather worthwhile cheques are forthcoming from our friends in the Inland Revenue. Speak to your Balpa rep. for details. Medical Insurance is it seems, taxable but loss of licence is not. Strange but true.!