# Fianna Fail want DIRT tax increased to 35% How best to manage?



## mcriot29 (22 Nov 2012)

fianna fail want dirt to 35% what will the budget rise in dirt tax be


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## Lightning (22 Nov 2012)

If you think DIRT will go up, interest up front products, might be the best bet.


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## leroy67 (22 Nov 2012)

Personally I an see increase to 35% om DIRT and 38% on exit tax, Govt want you to spend monies in economy rather than save IMHO or put monies into state savings where they can get the benefit of it. Realistically speaking state savings are the only real game in town at the moment considering DIRT and Income Tax free


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## Delboy (22 Nov 2012)

mcriot29 said:


> fianna fail want dirt to 35% what will the budget rise in dirt tax be



FF.....just a nasty, horrible party. They want the property tax lifted suspended as well, and it was themselves who signed us up to it
It'll soon be a crime to have savings in this country


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## mandelbrot (22 Nov 2012)

Delboy said:


> FF.....just a nasty, horrible party. They want the property tax lifted suspended as well, and it was themselves who signed us up to it
> It'll soon be a crime to have savings in this country



I think interest income should be taxed the same way as pretty much any other source of income, at the the marginal rate of tax. That way people on low income with deposit interest would pay less tax on their interest, and high earners with interest income would pay more tax on their interest. Never going to happen obviously, but would be the most equitable situation.


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## Daddy (23 Nov 2012)

While State Savings are best and likely rates reduction soon enough I am reminded by another poster:
'Would you lend money to a bankrupt'.

I would love to invest there but this keeps ringing in my ear.


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## mcriot29 (23 Nov 2012)

mandelbrot said:


> I think interest income should be taxed the same way as pretty much any other source of income, at the the marginal rate of tax. That way people on low income with deposit interest would pay less tax on their interest, and high earners with interest income would pay more tax on their interest. Never going to happen obviously, but would be the most equitable situation.



This is the correct way i agree the uk is like that,yet again the goverment attack  people who save on low income


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## mandelbrot (23 Nov 2012)

mcriot29 said:


> This is the correct way i agree the uk is like that,yet again the goverment attack people who save on low income


 
But what about people who choose to live off money on deposit (money they inherited as opposed to money earned and saved by them)... should the State be supporting / facilitating people in being idle because they're lucky enough to have come into money... makes me start to reconsider what I said above.


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## mcriot29 (23 Nov 2012)

mandelbrot said:


> But what about people who choose to live off money on deposit (money they inherited as opposed to money earned and saved by them)... should the State be supporting / facilitating people in being idle because they're lucky enough to have come into money... makes me start to reconsider what I said above.



They would just get the dole then if they had no money, so state would be looking after then, or if they had savings in goverment bonds they would be on a lower amount of tax then dirt, also they can use there tax credits .


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## mmclo (27 Nov 2012)

Surely the differential treatment of Stae products is legally suspect?? It's a form of state aid...to the state!


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## Lightning (27 Nov 2012)

mmclo said:


> Surely the differential treatment of Stae products is legally suspect?? It's a form of state aid...to the state!



The NTMA would argue that State Savings products are different. They are a method to invest in the Irish national debt, while banks offer pure deposit products. An investment in the Irish national debt, arguably, should pay a premium.  

The banks would agree with you. They are currently putting pressure on the DoF/NTMA to reduce State Savings rates.


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## Boyd (8 Jan 2013)

Have a look at the best buys section http://www.askaboutmoney.com/showthread.php?t=90481

Some of the NTMA state saving products are not subject to DIRT [broken link removed]


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## pudds (8 Jan 2013)

I presume that the excemption for over 65's will increase to 66 in 2014 to match the new retirement age of 66


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## dereko1969 (8 Jan 2013)

jan said:


> i just got my statement and I see how much the government have taken off me in DIRT!
> I feel so robbed. 30%!!!!!!!!!! Thieves.
> 
> Is there any way I can get around this? I have no head for financial stuff..


 
They are not thieves, the legislation for DIRT was passed democratically by the Oireachtas. 

Maybe go to the [broken link removed] for comments like that.


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## dub_nerd (8 Jan 2013)

Next year it will be at least 37% -- since DIRT was increased by 3% in the budget and there is a new 4% liability to PRSI. That's assuming that DIRT rates don't go up again in the December 2013 budget. 

No, there is no way around it unless you are a pensioner on low income. And unlike various income tax credits, there is nothing you can set off against your DIRT liability. I wouldn't bother threatening to vote for someone else either -- most parties would probably tax it even more heavily.


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## fernrock (22 Jan 2013)

The big problem with state savings is communication.
Last Nov we opened a state savings bond and, it was only last week,       (mid Jan)that we got any acknowledgement of our deposit after several phone calls and emails.

While the funds may be save . the NTMA communication system does not inspire confidence.


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## dub_nerd (22 Jan 2013)

fernrock said:


> The big problem with state savings is communication.
> Last Nov we opened a state savings bond and, it was only last week, (mid Jan)that we got any acknowledgement of our deposit after several phone calls and emails.
> 
> While the funds may be save . the NTMA communication system does not inspire confidence.


 
I did the same, but got the acknowledgements in about three weeks -- the guy in the post office had warned to ring up if they didn't arrive, so perhaps it's a common issue.

I can tell you the banks aren't much better. Term deposits (of six figure sums, also in November) in two large banks were barely acknowledged and I still don't even have an account number for one of them.


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