Hello,
Both my parents are in their early 80s and have money in BoI and TSB. They have been paying Dirt but I have read somewhere they should be exempt.
Surely the banks should have informed them of this. Is there any way to reclaim this Dirt.
Thanks
That should be 'they may be exempt'. Here are the rules:-
"Refunds of DIRT
You can claim a refund of DIRT if your income is below the low exemption limit and you are, or your spouse is,
aged 65 or over
or permanently incapacitated.
The trustees of a trust fund for a permanently incapacitated person can claim a refund of DIRT.
Apart from these cases, you cannot claim a refund, even if you are otherwise exempt from income tax.
If you qualify for a refund, your financial institution will, from 2007, be able to pay your interest without deducting DIRT.
Charities registered for tax purposes can claim repayment of DIRT or can apply for exemption."
That suggests to me that the Banks like most other people know that someone may be exempt but without knowing their precise financial/tax circumstances cannot tell them that they are exempt. I'd wonder if that's sufficient grounds for suggesting that they should tell people as the OP says.