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OHFBNIN01 - Define Annual Tax Free Boundary for Insurance Plan (FLEX)

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Define Annual Tax Free Boundary for Insurance Plan (FLEX)

In Great Britain, payments into selected benefit plans are subject to tax.

You use this step to control benefit plans belonging to the Insurance Plan type which possess a tax free threshold, above which plan payments become taxable. You must maintain theTax Free Boundaryfield for any insurance plans where payments into it are subject to taxation restrictions.

For the system to check for the existance of any tax threshold for an insurance plan, you must have previously set the Tax Free Boundaryindicator for the plan, in the IMG step Define Flexible Benefits Insurance Plan Attributes (FLEX).

1. Execute this IMG step and select your required benefits area when prompted.

The table view Define Annual Tax Free Boundary for Insurance Plan: Overview is displayed.

1. Select the insurance plan you wish to maintain and choose Details.
2. In the field Tax Free Boundary ,enter the value of the tax threshold above which plan payments become taxable.
3. Repeat steps 2 and 3 for each insurance plan subject to tax restrictions.
4. Save your entries.

For example, payments into a specific insurance plan are tax free up to an annual threshold of GBP 500 . Any plan payments above this amount are subject to tax. Therefore, when you fill theTax Free Boundaryfield with the value GBP 500, all plan payments above this threshold value are treated as taxable by payroll.

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