New rules on declaring deposit accounts?

S

Starbuck

Registered User
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I'm reading that the Revenue are going to be scrutinising deposit accounts a lot more strenuously in future, and they expect all deposit accounts to be declared.

Personally - I always thought they had to be anyway!
Whats new?

Some media sources say this 'new policy' only applies to accounts with over 100K in them. I should be so lucky.

I've opened about 4 new deposit accounts recently, to avail of the better interest rates on offer in some banks, and to 'spread the risk'. No more than 20K in any account.

I'm a bit confused as to exactly what is expected of us by the Revenue.

Do they want all Deposit Accounts declared, or only those over 100K?

Is this a 'new policy'? Weren't we always meant to declare interest on savings?

I know DIRT is taken at source, by the bank - so, is that why you may NOT need to declare a savings account?

Can somebody in the know please explain exactly what our responsibilities are in this area?
I'm a PAYE taxpayer.
 
Perhaps the new policy in question is [broken link removed]?

DIRT is the full extent of one's tax liability on deposit interest. Unless (I think) it's an offshore account in which case income tax may apply. PRSI may be an issue if total deposit interest is over a certain amount (€3K+ I think). If filing a Form 12 return you are expected to complete details of deposit accounts held.
 
If your money held in accounts has a paper trail i.e can be accounted for there is no further action required, however as always details do have to be returned on annual form 12 but there is no further liability due.
 
I hold aproximately €90,000 in my bank accs, being most of the estate of my late aunt, of whose account I was co-signatory. This fund is held in my personal deposit accounts and will be handed over in full to the solicitors handling the estate once certain legal issues have been resolved. Each account(there are 2) earns more than €635 in interest. Do I need to make a return by September 15th 2008? I estimate that when this estate is distributed, I will have no tax liability resulting from the estate. This is not covered on the Revenue FAQ.

Slim
 
Slim,

If you contact Revenue directly at:
01-6474818, Monday - Friday.
8.30 a.m. to 4.30 p.m. (inclusive)

They are dealing with all queries and can answer all questions.
 
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