Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Exemptions from DIRT for very low earners?

  • 21-05-2012 11:30pm
    #1
    Faith
    Moderators, Society & Culture Moderators Posts: 30,657 Mod ✭✭✭✭


    If a person earns a very low amount per year (say, a student with a part-time job), and doesn't earn enough to pay income tax or even the USC, are they still liable for DIRT on savings in a deposit account? I'm confused about whether interest earned is considered income or not, or if there's a way around paying DIRT with such a low income.


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    http://www.citizensinformation.ie/en/money_and_tax/tax/tax_on_savings_and_investments/deposit_interest_retention_tax.html

    Only people over 65, or those with a disability can get exemption it seems.


  • #3
    KCTK
    Registered Users, Registered Users 2 Posts: 378 ✭✭KCTK


    Faith wrote: »
    If a person earns a very low amount per year (say, a student with a part-time job), and doesn't earn enough to pay income tax or even the USC, are they still liable for DIRT on savings in a deposit account? I'm confused about whether interest earned is considered income or not, or if there's a way around paying DIRT with such a low income.

    Hi Faith, i'm afraid there is no way around paying DIRT if you are an Irish resident individual unless you are over 65 or permanently incapacitated. No relief for low paid Irish individuals if you do not fall into one of these categories.

    http://www.revenue.ie/en/tax/dirt/index.html


  • #4
    Faith
    Moderators, Society & Culture Moderators Posts: 30,657 Mod ✭✭✭✭Faith


    Thanks for the replies. I see the Citizen's Information site says "People not resident for tax" may also qualify for exemption. I will be moving abroad in August, but since I don't currently pay tax, I don't know how to go about confirming that I'm not resident for tax? Do I have to change my address with the bank where my deposit is or something?


  • #5
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    You will have to satisfy the bank that you are no longer resident here, because it is the bank who will be primarily responsible for penalties if they operate a dirt-free account for a person who is resident here.

    It's not only over 65s who can get dirt-free accounts - companies, no matter how big, are entitled to them as well.


  • #6
    Shane732
    Registered Users, Registered Users 2 Posts: 4,991 ✭✭✭Shane732


    To be non-resident you must be in the State for less than 183 days in any year or 280 over 2 years.

    Are you talking about a lot of DIRT?


  • Advertisement
  • #7
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    If resident in another country, that other country would probably expect you to pay their own version of deposit tax.


Advertisement