Tax assessment - Schedule D income

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fistophobia

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I got my tax assessment from Revenue.
They are taxing me 40% rate on schedule D income, "non-EU deposit interest self"
Does this sound correct?
I returned the income as, foreign dividends.
 
If it was interest you received; why did you report it as dividends? Dividends are taxed at your marginal rate. Why didn't you declare it as non EU deposit interest in your tax return?
 
It was returned as Foreign dividend income.
Anyway, since when is non-EU deposit interest taxed at 40% ?
I have asked R. to review my tax return.
 
I think you are missing the point. Interest and dividends are taxed differently. There are separate sections of the tax return for the them. If you have received interest then you should have reported it as interest not dividends.
 

Foreign deposit income

This page provides information on income tax on foreign-sourced deposit interest income.
www.revenue.ie www.revenue.ie

Irish sourced deposit interest​

Savings are generally subject to Deposit Interest Retention Tax at a rate of 33%. Examples of savings that are subject to DIRT are savings with an Irish bank, a credit union or An Post. Where applicable, DIRT will be deducted by the deposit taker.

EU sourced deposit interest​

Interest on savings with an EU bank or other deposit taker is generally taxed at the same rate as DIRT.

Non-EU sourced deposit interest​

Non-EU sourced deposit interest including UK accounts, are taxed at the higher of the DIRT rate and your marginal rate of tax. If you are a standard rate taxpayer, your deposit interest is taxed at the DIRT rate. However, if you are a higher rate taxpayer, your interest will be taxed at 40%.
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