EU Deposit Interest - Revenue Reporting
- Thread starter Corola
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T McGibney
Registered User
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Not at all. I tried to assist you and you reacted badly.
No wonder you've since deleted your comments.
No wonder you've since deleted your comments.
@ACER10 Thanks for the link. I will certainly use it when filling out the form.
@Freelance As you suggested I have emailed Revenue and will wait for a reply. Thanks.
@Freelance As you suggested I have emailed Revenue and will wait for a reply. Thanks.
liam bourke
Registered User
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how is the dirt tax collected if you are paye?
Many/most deposit accounts deduct DIRT at source.
Where that's not the case the account holder needs to pay it.
The PAYE status of the account holder is irrelevant to the tax liability.
Ae @ClubMan says, for almost all deposit interest paid by Irish Banks etc DIRT will be deducted at source so you won't have to do anything.
For overseas deposit interest, the onus is on you to declare the interest and pay the DIRT. You do this by completing either Revenue Form 12 or Form 11 after the year end, entering details of the deposit interest received (there are separate entries for EU deposit interest and for all other foreign deposit interest). After you submit this you will receive a balancing statement showing how much you owe. The rate will be either 33% or 40%, and in some instances you will also be liable for PRSI @ 4.x%.
DublinTexas
Key Post author
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Also be prepared to provide evidence of the foreign interest you earned (and any tax deductions that a bank might have made).
Account statements or end of year tax declaration will do but revenue has started asking questions and asking for evidence.
Account statements or end of year tax declaration will do but revenue has started asking questions and asking for evidence.
Thank you, it was right!
I have registered on ROS to pay Dirt Tax. To get to the next step I need to select one of the Registration Options Under Other Services -> Manage Tax transactions. The Registration options are for example CAT, CGT, VAT, Income Tax etc.. but there is no option for Dirt Tax.
Anybody know if it is under Income Tax I need to register for to pay Dirt tax ? I have asked through my enquiries but somebody here might comeback sooner.
Anybody know if it is under Income Tax I need to register for to pay Dirt tax ? I have asked through my enquiries but somebody here might comeback sooner.
Deposit interest is a type of unearned income so you should register for Income Tax.
If you are declaring EU Deposit Interest technically you are paying Income Tax at the same rate as DIRT, rather than DIRT which is deducted at source by Irish banks.
If you are declaring EU Deposit Interest technically you are paying Income Tax at the same rate as DIRT, rather than DIRT which is deducted at source by Irish banks.
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Foreign Bank Accounts (S.895)
Give the following details for each foreign bank account opened in 2024 of which you or your spouse/civil partner were the beneficial owner of the deposits held
On the above section on Form 11 do we have to list all the Foreign bank accounts that we opened in 2024? Not a problem if we do but should I list the ones opened in 2023 and matured in 2024 as that is where most of my interest comes from? It would make more sense if revenue asked the question: List the bank accounts that you earned interest on in 2024.
Give the following details for each foreign bank account opened in 2024 of which you or your spouse/civil partner were the beneficial owner of the deposits held
On the above section on Form 11 do we have to list all the Foreign bank accounts that we opened in 2024? Not a problem if we do but should I list the ones opened in 2023 and matured in 2024 as that is where most of my interest comes from? It would make more sense if revenue asked the question: List the bank accounts that you earned interest on in 2024.
You should have put in the details of foreign accounts you opened in 2023 in your 2023 Form 11.
If you have opened any in 2024, declare them in the 2024 Form 11, yes.
torblednam
Registered User
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That might make more sense to you but that's not what they want to know - what they want to know is exactly what they asked for, the details of any new foreign bank accounts that you opened in the year.
You should be declaring the interest earned, elsewhere on the form, albeit at an aggregate level.
If they are EU accounts you don't need to declare them.
EU Deposit Interest - Revenue Reporting
I thought revenue were usually pretty good and efficient but seeing these reports that people are getting charged the wrong tax is a little frustrating.
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