BluOr Paying 4.21% via Raisin for 1 year & 3.85% for 5 years Direct

[noelÓm]

BluOr now offering a 6-month rate of 4.11% via Raisin.

 

[James5]

Deposit Interest does seem to trigger PRSI on Form 11, even if the deposit income is under 5k.

Is it calculated differently on Form 12?

Does anyone know why Form 11 would auto-trigger PRSI even if non-PAYE income (including interest) is less than 5K & how to approach this? I need Form 11 for yearly Income Tax submissions (for previous tax year).

 

[Freelance]

My understanding is as follows:

1. You must complete a Form 11 if your Deposit Income is greater than €5,000

2. Any Deposit income declared on a From 11 is liable to PRSI

So, if you earn €3,000 in Deposit income, that does not force you to complete a Form 11. However if you complete a Form 11 for other reasons, and enter €3,000 Deposit Interest on it, that will be liable for PRSI.

I am not certain about this, however I believe it to be true. Happy to stand corrected if someone with authoritative knowledge of this can factually correct my interpretation.

 

[James5]

My understanding is as follows:

1. You must complete a Form 11 if your Deposit Income is treated than €5,000

2. Any Deposit income declared on a From 11 is liable to PRSI

So, if you earn €3,000 in Deposit income, that does not force you to complete a Form 11. However if you complete a Form 11 for other reasons, and enter €3,000 Deposit Interest on it, that will be liable for PRSI.

I am not certain about this, however I believe it to be true. Happy to stand corrected if someone with authoritative knowledge of this can factually correct my interpretation.

Thanks, I wonder where is best to confirm this. Revenue's helpline can be very limited in knowledge & responsiveness.

There are many other reasons why the ordinary Joe Soap (who earn less than €5K non-PAYE)
needs to submit a Form 11, other than declaring deposit interest, so if the above is indeed correct & if there's no way to prevent it or claim the PRSI 'overcharge' back retrospectively then it's quite impunitive (Revenue smash & grab effect).