UK guaranteed income bonds

[BlueHorseShoe]

For PAYE/Form 12 users:

Tax rate on interest	Ireland	EU	non-EU inc. UK
Deposits	DIRT @ 33%	DIRT @ 33%	max (DIRT, IT @ marginal rate)
State Savings Bonds	Exempt @ 0%	IT + USC @ marginal rate	IT + USC @ marginal rate
Corporate and Govt Bonds	IT + USC @ marginal rate	IT + USC @ marginal rate	IT + USC @ marginal rate

Thats absolute class - this would save about 5 pages on the Revenue's website

 

[BlueHorseShoe]

You use MyAccount on the Revenue website and declare your interest by making a PAYE Income Tax Return (Form 12). You have four years after the end of the year to make a PAYE return so your 2024 interest must be declared between 2025-2028.

Just to clarify if you are PAYE or have been PAYE (in a previous job) within the tax year 2024 you have 4 years to disclose non-PAYE income such income from Govt bonds or UK or EU deposit interest (DIRT) - so I could decide to report this in 2028 and not face any penalties ? - I would presume if I did not secure a PAYE job in the subsequent tax year 2025 and even earning under 5000 non-PAYE I might be classed as self assessed or do you continue to be classed as PAYE until you break the 5000 threshold ?

 

[Corola]

You can be a PAYE taxpayer for some years and self-assessed in others. There won't be any penalties if you submit your 2024 PAYE tax return by 31st Dec 2028.

If you don't get a PAYE job that doesn't automatically make you self-assessed. You would continue to be PAYE if your non-PAYE income was under €5,000 unless you also satisfied one of the other criteria to become self-assessed:

Who should register for Income Tax self-assessment?

This page outlines who should register for Income Tax self-assessment

www.revenue.ie