When to complete a tax return for interest income?

Like many others, thanks to the excellent key posts, i have some many in the higher interest accounts around europe. Previously i had some small interest income and when i completed the return online they just adjustmet my credits however the interest income this year will be maybe 8-10k not subject to dirt and i want to just pay the tax rather than have them adjust my credits,

whats the best time to declare this income, just before 2024 ends or in 2025 ? is there still an issue where they will apply 41% tax rather than 33% as they should?

Exit tax is 41%, which is nothing to do with deposit interest.


Tax return for 2023 income must be submitted before end of Oct 2024.

Protocol said:

Exit tax is 41%, which is nothing to do with deposit interest.


Tax return for 2023 income must be submitted before end of Oct 2024.

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thanks, ive seen threads where people are being incorrectly charged 41% of interest income from non Irish banks or am i imagining it?

That was corrected by Revenue a few months ago afaik

Blackrock1 said:

Like many others, thanks to the excellent key posts, i have some many in the higher interest accounts around europe. Previously i had some small interest income and when i completed the return online they just adjustmet my credits however the interest income this year will be maybe 8-10k not subject to dirt and i want to just pay the tax rather than have them adjust my credits,

whats the best time to declare this income, just before 2024 ends or in 2025 ? is there still an issue where they will apply 41% tax rather than 33% as they should?

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AFAIK, you can file a Form 11 or Form 12 to declare your DIRT liability and pay it to Revenue. From what I've gathered:

Form 11 is used by individuals whose income is outside the scope of PAYE and includes self-employed individuals, company directors, and those with significant non-PAYE income exceeding 5,000.

Form 12 is primarily designed for PAYE taxpayers with additional income that falls outside their PAYE employment e.g. rental earnings, dividends, capital gains etc AND additional income up to €5,000.

So, my understanding is that a Form 12 is completed if your DIRT does not exceed 5,000 and a Form 11 if it does exceed. This is assuming that you have no other non-PAYE income to declare e.g. CGT etc

As an aside.. suddenly doing a tax return for such an interest amount may raise a red flag with Revenue. I have had this recently, and I had my ducks in a row. It's part of their risk profiling system.

Blackrock1 said:

thanks, ive seen threads where people are being incorrectly charged 41% of interest income from non Irish banks or am i imagining it?

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is it not still 41% for interest earned outside the EU?

messyleo said:

is it not still 41% for interest earned outside the EU?

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Not sure all mine is in the eu

CGT is not other income