If I have money on deposit which is sunject to DIRT @ 20%, as a top rate taxpayer do I have to pay a further 22% on top of the DIRT ?
If so, does it make sense to have my savings in my wife's name, as she has no other source of income and would therefore not be subject to any further tax on the interest ?
"we will deduct Deposit Interest Retention Tax (DIRT) at the standard rate (at present 20%, but this may change), from all interest earned, and we will pay this directly to the Revenue Commissioners.
You do not at present have to pay other Irish income tax on the interest, but you may be subject to PRSI/Health levy.