Taxation of income bonds

[Blackwaterguy]

Hi Everyone. For the last few years I have been declaring foreign income bond interest on my form 11 as deposit interest.

It's my understanding now that income bond interest is taxed differently (i.e. not subject to dirt, but income tax instead).

Am I correct in this, and if so is there a way to retrospectively claim back overpayments I've made?

I have messaged Revenue online, but no reply so far, and they don't tend to be quick, so if anyone can share any knowledge that would be great.

Cheers

 

[ClubMan]

For the last few years

How many years? If you're a PAYE taxpayer you can revise your tax returns for the previous four tax years via your Revenue myAccount.

Am I correct in this, and if so is there a way to retrospectively claim back overpayments I've made?

Could be an under payment if you're a high rate tax payer. And PRSI/USC may also be (over) due.

 

[Blackwaterguy]

How many years? If you're a PAYE taxpayer you can revise your tax returns for the previous four tax years via your Revenue myAccount.

Actually since 2017, but I figured there'd be some restriction on the amount of time one could go back.

I'm self employed so pay tax via form 11. Can i revise those also?

Oh, and definitely a long way from being a higher rate payer.

 

[jpd]

You can revise the last 4 years

Is it worth it?
How much interest are we talking about?

 

[Blackwaterguy]

Is it worth it?

Will be worth a few hundred euros over the last 4 years yeah.

 

[ClubMan]

Will be worth a few hundred euros over the last 4 years yeah

Even if it's 33% DIRT versus 20% income tax + 4% (?) PRSI + maybe 2% (?) USC?

 

[jpd]

If it's € 400 euro, then the tax overpaid and to be refunded will be about € 26

 

[Blackwaterguy]

If it's € 400 euro, then the tax overpaid and to be refunded will be about € 26

No, I wouldn't bother if I was talking about a few hundred in interest. I'm saying I've overpaid a few hundred in tax by my calculations.