liam bourke
Registered User
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so basically the only tax you should be paying is dirt at 33% once the savings you earn is less than 5000euro
Just checking, Form 11 or Form 12? I thought the problem was limited to Form 12.Still being handled incorrectly - confirmed submitted on form 11 as eu deposit interest, and they processed it as “other foreign income” subjecting to PAYE and USC
PAYE Services “review your tax” which then submits a request for statement of liability. Clearly shows as eu deposit interest, they processed it, statement of liability included it as other foreign income charging PAYE, USCJust checking, Form 11 or Form 12? I thought the problem was limited to Form 12.
When I was testing my Form 11 it was calculating for me DIRT(+PRSI).
Yes, if declaring EU deposit interest on Form 11, you will be charged 4% PRSI. You would also be charged 4% PRSI on any Irish deposit interest. Not an issue for the last few years as there was no Irish deposit interest. But now the Irish banks are offering something. You're meant to declare it in Form 11, even though the DIRT has already been paid. But you will still have to pay the PRSI.If one earns under 5,000 non PAYE income but also has to file a form 11 - do they have to pay an additional 4% tax for PRSI on this income vs a form 12 user?
If so, why is this the case? How is that fair that you get a headache inducing form every year and also are taxed higher for that privilege?
Yes, if declaring EU deposit interest on Form 11, you will be charged 4% PRSI. You would also be charged 4% PRSI on any Irish deposit interest. Not an issue for the last few years as there was no Irish deposit interest. But now the Irish banks are offering something. You're meant to declare it in Form 11, even though the DIRT has already been paid. But you will still have to pay the PRSI.
No idea why this is the case on Form 11, but not on Form 12. Search the forum for some explanations as to why it might be the case.
PAYE tax payers who are not considered 'chargeable persons' by Revenue are not liable for the new PRSI charge. A person is not a 'chargeable person' if their income from non-PAYE sources is less than €5,000 and this income is taxed under the PAYE system.
Hi @patjohn ... Were you able to fix this with revenue. I've made a phone call and a few attempts through My enquiries. Still no change and paid income tax on interest in 2023.Thanks. Will amend with Revenue.
Ok.. so wondering is that a positive move. I explained the whole saga to lovely person on phone. Explained about N26, raisin, trade republic.. all the options for saving now. Really broke it down. Explained how EU deposit accounts are common now and will become more so.. and she checked revenue herself and agreed that there was an issue. She said, new scenario, so what they call 'ingredients' is now not there on the my account option but there for form 12.now revenue has removed the option to declare 'EU Deposit Interest' in my account. where should this be declared instead?
REVENUE -Ok.. so wondering is that a positive move. I explained the whole saga to lovely person on phone. Explained about N26, raisin, trade republic.. all the options for saving now. Really broke it down. Explained how EU deposit accounts are common now and will become more so.. and she checked revenue herself and agreed that there was an issue. She said, new scenario, so what they call 'ingredients' is now not there on the my account option but there for form 12.
Hi. @ACER10 I submitted an enquiry via email. They came back to me after 6 weeks with resolution and I was issued with amended statement of liability.Hi @patjohn ... Were you able to fix this with revenue. I've made a phone call and a few attempts through My enquiries. Still no change and paid income tax on interest in 2023.
That’s ridiculous. At this juncture somebody need to write to Niall Cody, the Chairman of the Bo.....
@patjohnHi. @ACER10 I submitted an enquiry via email. They came back to me after 6 weeks with resolution and I was issued with amended statement of liability.
I presume this has been posted already@patjohn
Today I received a phone call from a very nice revenue person. She has asked me to send on the links to information that suggests that PAYE workers (so using my enquiries) should pay DIRT rate. She explained it was not revenue that collect Dirt from Irish banking deposit accounts and that EU interest earned IS INCOME and therefore will fall under the tax rate. She needs more info from me, and will help going forward.
So it seems possible that I will be paying 42% on EU interest.
Thank you - I will attach that, and a few other links that were put here if I can find again. Revenue person was very definite that EU interest would be charged as INCOME, just like stocks, crypto etc. Super nice person. Not at all condescending. This phone call was as a result of sending email to Mr. Cody.I presume this has been posted already
View attachment 8817
What DIRT rate is applicable?
Deposit Interest Retention Tax is deducted from the interest paid on all deposit accounts held by Irish-resident individuals.www.revenue.ie
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