Wondering about the tax implications of committing to workplace private health insurance.
Salary: 57,500
Monthly cost of family cover: £154.25. Employer pays £61.70 of this.
Therefore is it true to say that, for income tax purposes, my income is salary + total annual cost of insurance = £59,351?
Therefore I am paying 40% tax on the £1,851 annual cost of insurance = £740.40 extra paid in tax?
Presumably the amount my employer pays towards it makes zero difference to this calculation?
Thanks in advance…
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