Tax on Raisin income

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lop130371

Registered User
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Hello,

I deposited 50K on a Raisin sponsored bank last year and the interests will mature soon. I know I have to pay a 33% DIRT tax on the profit. However I also made a good profit from Raisin itself. I referred 12 people among friends and family that subsequently opened an account with Raisin and got 50€ bonus from Raisin for each referral.
Total profit from Raisin is 600€ . Is there are tax due on this as well ?

Thanks !!!
 
I would not use the word "profit" to describe those payments.

Whether they are taxable or not, I'm not sure.
 
Thanks Protocol, they call them referral bonus or something like that. I'm not sure either if they are taxable or not....
 
lop130371 said:
Hello,

I deposited 50K on a Raisin sponsored bank last year and the interests will mature soon. I know I have to pay a 33% DIRT tax on the profit. However I also made a good profit from Raisin itself. I referred 12 people among friends and family that subsequently opened an account with Raisin and got 50€ bonus from Raisin for each referral.
Total profit from Raisin is 600€ . Is there are tax due on this as well ?

Thanks !!!
Click to expand...
I don't know for sure but I think they are taxed as income :-

Is your extra income taxable?

This page explains what do you need to do if you have extra income
www.revenue.ie www.revenue.ie
 
I put your question into chatgpt for a giggle. It also says your referral bonus is taxable :
1721777652647.png



And when I asked it "What is considered a gfit?" it was wise enough to know i was really asking: "Can the referal be passed off as a gift to avoid tax?" :rolleyes::


1721777750633.png
 
lop130371 said:
Hello,

I deposited 50K on a Raisin sponsored bank last year and the interests will mature soon. I know I have to pay a 33% DIRT tax on the profit. However I also made a good profit from Raisin itself. I referred 12 people among friends and family that subsequently opened an account with Raisin and got 50€ bonus from Raisin for each referral.
Total profit from Raisin is 600€ . Is there are tax due on this as well ?

Thanks !!!
Click to expand...
Also would you have to pay tax on your interest gains in the country the bank resides in also?
 
Protocol said:
I would not use the word "profit" to describe those payments.

Whether they are taxable or not, I'm not sure.
Click to expand...
Maybe they´re taxable over a certain limit? Technically this would be a gift, but it is a high amount of bonus payments, rather than just one €50 payment
 
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