No. If you are self-assessed pay in the year received and declare the following year. If you are not self-assessed declare within the four following years and Revenue will tell you how the payment will be taken.
No. If you are self-assessed pay in the year received and declare the following year. If you are not self-assessed declare within the four following years and Revenue will tell you how the payment will be taken.Or ... does one declare it in the year received and pay in the following year. I'm in the same 'boat'.
@jpd I received interest from BlurOr bank but was too late to sort out the withholding tax. I explained this to revenue. They replied "reclaim from the tax authorities in country interest earned". I explained I couldn't at this stage. I asked that I thought there was somewhere that I could reclaim tax paid overseas on interest within revenue. Haven't heard back from Revenue since. Do you know what I am trying to ask about. I earned €996 on paper from BlurOr, but received €797, because of withholding tax. Any ideas what I declare. PAYE worker. Thank you.No, you will pay 33% - 15% = 18% in Ireland
You will have to reclaim the 5% from the tax authorities in the country where you paid 20% - the max allowed is 15%
@ jpg: - thanks for your comment. I guess I’ll have to write the 5% off against the interest earned. So much for a DTA. Why impose WHT in the first place, if it can be claimed back? The hassle isn’t worth the stress, especially when dealing with a non-English speaking country. In future, I will invest only in countries which don’t impose WHT and pay only the DIRT to the Revenue in Ireland.No, you will pay 33% - 15% = 18% in Ireland
You will have to reclaim the 5% from the tax authorities in the country where you paid 20% - the max allowed is 15%
As Revenue rely on investment undertakings to give details of values of investments held by certain unit holders, why then are individuals required to make a declaration of their earnings? Investors supply their tax ID to Financial Institutions, presumably to facilitate the Revenue to collect the DIRT on income? How difficult can it be for the Revenue to collect DIRT deducted at source from other EU states? I understand, where WHT is not deducted, that the investor/taxpayer may need to declare it to the Revenue and pay the DIRT. Even then, isn’t it the responsibility of the Financial Institutions to report all interest earned on incomes, regardless of whether DIRT was, or wasn’t deducted?
Can't wait, although I imagine it's not going to happen in my life time!The long-term direction of travel is clearly automated deposits interest tax deductions and automated CGT deductions at source across the EU.
Some brokers already offer automated CGT deductions at source for certain countries.
That's the ideal. No declaration. Everything automated.
Reality is that it is going to take a very long time for that to happen. Updating banking IT systems to accommodate this across Europe won't be an easy task.
I think you have to declare the gross interest regardless of any withholding tax already deducted by Blu Or to the Revenue. Revenue will then offset 15% which I understand is the maximum they can offset against BluOr's WHT. It's up to you to reclaim the difference if you wish.@jpd I received interest from BlurOr bank but was too late to sort out the withholding tax. I explained this to revenue. They replied "reclaim from the tax authorities in country interest earned". I explained I couldn't at this stage. I asked that I thought there was somewhere that I could reclaim tax paid overseas on interest within revenue. Haven't heard back from Revenue since. Do you know what I am trying to ask about. I earned €996 on paper from BlurOr, but received €797, because of withholding tax. Any ideas what I declare. PAYE worker. Thank you.
If you are not self-assessed then you are PAYE. You use MyAccount on the Revenue website and declare your interest by making a PAYE Income Tax Return (Form 12).And if you're neither a PAYE or self-assessed, where on the Revenue website do you go to do this?
You have four years after the end of the year to make a PAYE return so your 2024 interest must be declared between 2025-2028.Anyone know if interest earned between Aug and Oct 2024 has to be declared in the current year or the following year?
Thanks for clarifying that MugsGame.2023 calendar year returns due October 2024.
I have an account with Raisin ( with BFF & Blue Or banks).
The former doesn't deduct withholding tax but the latter does.
Where exactly do I declare this interest and input withholding tax on ROS?
Partially correct, but Revenue wording is "interest paid or credited"I assume the payout date for interest earned is the tax year it's declared I.e. interest paid in 2023 is declared in the 2023 tax return.
Nice try but I believe that this is incorrect. Revenue say: "Deposit Interest Retention Tax (DIRT) is deducted by Irish financial institutions from deposit interest paid or credited (my emphasis) to the accounts of Irish residents." So if in the case of a 3 year Raisin deposit interest is credited to your account on the three anniversary dates (at the end of year 1, year 2 and year 3) you have a tax liability in each of the three years, even though you cannot access the interest payment. Similarly, a two year term deposit with AIB which has interest credited at the end of year 1 and at the end of year 2, gives rise to a DIRT liability (which is deducted by AIB) in both years. Sorry if this isn't the answer you wanted.( so accrued interest yet unpaid isn't taken into account until it's paid and declared in the tax year it's paid out)
This is correct if for example you have a three year term deposit that( so accrued interest yet unpaid isn't taken into account until it's paid and declared in the tax year it's paid out)
As written, this is not correct. A three year term deposit with Raisin, AIB etc pays all interest at the end of term, i.e the end of the third year. However the interest is credited to your account annually,This is correct if for example you have a three year term deposit that pays all the interest at the end of the three years.
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