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.
EU Deposit Interest - Revenue Reporting
- Thread starter Corola
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In theory, yes, for self-assessed taxpayers, you estimate the interest earned in 2024 and include the tax due at 41% in your preliminary tax payment in Nov 2024
The tax is reported in your 2024 filing due in Nov 2025 along with whatever balance you may owe
In practise, unless you are talking thousands of euros, you could leave it till the balancing payment is due in Nov 2025
The tax is reported in your 2024 filing due in Nov 2025 along with whatever balance you may owe
In practise, unless you are talking thousands of euros, you could leave it till the balancing payment is due in Nov 2025
Cooler_box
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I’m retired. The income I earned was on my savings and WHT (20%) was deducted by the investment Bank who have a DTA with Ireland. Does anyone know which form I should complete to declare the interest earned to Revenue Ireland. I presume I will only pay the difference on what I owe to the Irish Revenue, ie 13%.
@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.
You declare 996 gross and declare the withheld tax as 149.40 - this 15% of 996
You get a tax credit for this, so your tax due will be 996 x 33% = 328.68 - 149.40 = 179.28
The withheld tax was 199, when it should only have been 149.40.
You can reclaim 199 - 149.40 = 49.60 from whatever tax authority the BlurOr bank is in
You get a tax credit for this, so your tax due will be 996 x 33% = 328.68 - 149.40 = 179.28
The withheld tax was 199, when it should only have been 149.40.
You can reclaim 199 - 149.40 = 49.60 from whatever tax authority the BlurOr bank is in
Please forgive me for asking this basic question:
I have a Raisin a/c. One account with Bff bank, Italy, did not deduct any withholding tax on interest, the other, blue or, deducted withholding tax.
Where do I input these details on ROS?
I have downloaded statements and certificates to keep on file.
Many thanks for the assistance.
I have a Raisin a/c. One account with Bff bank, Italy, did not deduct any withholding tax on interest, the other, blue or, deducted withholding tax.
Where do I input these details on ROS?
I have downloaded statements and certificates to keep on file.
Many thanks for the assistance.
Cooler_box
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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?
Cooler_box
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@ 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.
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.
Cooler_box
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Can't wait, although I imagine it's not going to happen in my life time!
Cooler_box
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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.
Cooler_box
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Anyone know if interest earned between Aug and Oct 2024 has to be declared in the current year or the following year? And if you're neither a PAYE or self-assessed, where on the Revenue website do you go to do this? Would anyone who's been through this process, mind posting a link to the page in Revenue, please? With the threat of penalties for late filing looming large on the horizon, it's easy to post in the wrong place, as there is so much 'blurb' to wade through/digest!
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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).
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.
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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?
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. ( so accrued interest yet unpaid isn't taken into account until it's paid and declared in the tax year it's paid out)
Many thanks. I'm trying to navigate ROS.
The former doesn't deduct withholding tax but the latter does.
Where exactly do I declare this interest and input withholding tax on ROS?
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. ( so accrued interest yet unpaid isn't taken into account until it's paid and declared in the tax year it's paid out)
Many thanks. I'm trying to navigate ROS.
Cooler_box
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Thanks for clarifying that MugsGame.
Assuming that you are Form 12e and completing it online, the EU Deposit Interest and the Withholding Tax are declared on the same panel when completing your annual return. (The interest is entered in the first box and the Withholding Tax you already paid is entire in the second box.
Partially correct, but Revenue wording is "interest paid or credited"
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.
This is correct if for example you have a three year term deposit that
So yes - the interest is declared for whatever tax year(s) it appears in your account.
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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,
The rest of what you say is correct. The sentence quoted would be correct if you substituted "credits" for "pays"
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