Deposit Interest & PAYE

W

weston68

Registered User
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I've received conflicting answers to this question from my friends so I thought I had better ask the experts:
As a PAYE payer, do I also have to pay PAYE, PRSI, Health levy and income levies on my deposit interest. I know that DIRT is paid on deposit interest but is it also subject to PAYE (with a credit for the DIRT paid), PRSI, Health and the new income levies?
 
You are not liable to Income Levy on deposit interest that is subjected to DIRT. If you are paying Class A (any of the sub classes of Class A PRSI ) PRSI you are not liable to pay PRSI on deposit interest. You are however liable to Health Contribution. If your income other than PAYE income does not exceed €3,174 per annum (this would categorise you as self assessed and require you to file a Form 11 Tax Return) then the health contribution is not collected from you. Hope this helps.
 
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