dirt tax on credit union account

[sooty]

Is a childs account liable for dirt tax in the credit union - I save most of daughters children allowance into a credit union account for the future but wonder should I be completing the form to have them deduct the tax at source?


Thanks guys.


Sooty

 

[ClubMan]

Is a childs account liable for dirt tax in the credit union

Yes - unless it is a special term account (exemption from DIRT up to certain limits) or a share account (dividends assessable for income tax). Come to think of it for a child the latter (share account) might be a better option since they will probably be exempt from income tax by being under the income tax exemption limit for earnings?

 

[sooty]

Yes I thought myself that it was liable to dirt tax but when i asked today in my local credit union they said no because she is under 16 - don't want to have a nasty dirt tax bill down the road, I will ring the credit union head office.

Thanks.

 

[ClubMan]

I'm not aware of any DIRT tax exemption other than for certain over 65s. But I am not a tax expert.

DE 1 DIRT-free Deposit Accounts for those aged 65 or over •••••••••

 

[reddeagle]

Im currently living in the UK and paying UK tax. Should i be also paying DIRT tax on my savings accounts in Ireland.?

I'm not aware of any DIRT tax exemption other than for certain over 65s. But I am not a tax expert.

DE 1 DIRT-free Deposit Accounts for those aged 65 or over •••••••••