Credit union & tax

C

caroerin

Guest
Credit union & tax

I have opened a credit union for my son last year at his birth and it just dawned on me that I don't remember if DIRT tax has been deducted on the dividend.

Do Credit unions automatically deduct it ?

If not, what can I do to sort out the matter, for the moment it is not a big problem as the dividend is less than EUR 10.00 but I want to sort it out for the future.

Thank in advance.

Title edited by ClubMan.
 
Re: Credit union

Do Credit unions automatically deduct it ?

Not up to recently. It used to be up to the member to self assess/declare dividend income on CU share accounts and interest on CU deposit accounts. Many people did not bother (not that I'm condoning this). In recent years the CU have rolled out new classes of accounts with differing tax treatments. [broken link removed] have a good summary of the current situation with regard to CU account taxation. If you want to sort your situation out then try and gather together as much information as possible in order to estimate your outstanding liabilities (e.g. how many years, what dividend/interest was paid each year etc.) and then present these to Revenue.
 
You must log in or register to reply here.
Back
Top