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SSIA Tax

  • 25-09-2006 12:18pm
    #1
    mirwillbeback
    Registered Users, Registered Users 2 Posts: 2,016 ✭✭✭


    Just a quick question.

    SSIA matured with 11,800 due to me in October. Have asked the bank what the tax deduction will be, but as usual some no brainer said it's impossible to tell - why is there some doubt about the rate???

    Anyways, does anyone have a rough idea what the tax deduction will be?

    Thanks
    Paul


Comments

  • #2
    lazygit
    Registered Users, Registered Users 2 Posts: 624 ✭✭✭lazygit


    my wife got 14,000 in hers, i believe the tax was about 600euro


  • #3
    Noelie
    Closed Accounts Posts: 999 ✭✭✭Noelie


    I don't think there is any tax, you pay Dirt at source so that should already be taken.
    obviously if you had the investment account you will have tax to pay on any gains made.


  • #4
    Topcat101
    Closed Accounts Posts: 99 ✭✭Topcat101


    Does anyone know how the Penision scheme works on SSIA's

    I heard if you invest 7.5k the goverment will top it up to 10k.

    Do you already have to have a penision or can you start one with this ?

    As for the Tax on the equity based SSIA's you will have to pay capital gains tax 20% on the extra made by taking this option.

    Still after tax most people will still be ~2K better off than the normal verision of the SSIA.


  • #5
    learoy
    Closed Accounts Posts: 25 ✭learoy


    If you are an AIB online customer, You can add your SSIA account as one of your accounts.
    Here you can view the value before and after tax. This value is updated every 3days or so..


  • #6
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    Topcat101 wrote:
    Does anyone know how the Penision scheme works on SSIA's

    I heard if you invest 7.5k the goverment will top it up to 10k.

    Do you already have to have a penision or can you start one with this ?

    As for the Tax on the equity based SSIA's you will have to pay capital gains tax 20% on the extra made by taking this option.

    Still after tax most people will still be ~2K better off than the normal verision of the SSIA.
    search for pensions on www.revenue.ie


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  • #7
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    mirwillbeback wrote:
    Just a quick question.

    SSIA matured with 11,800 due to me in October. Have asked the bank what the tax deduction will be, but as usual some no brainer said it's impossible to tell - why is there some doubt about the rate???

    Anyways, does anyone have a rough idea what the tax deduction will be?

    Thanks
    Paul
    As someone who works in a bank, I take exception to the above:mad:

    While this answer will regrettably benefit you, I will post the answer for the benefit of others

    the tax on the 11800 will be c 152.45 euro

    it is c 1.29% of the gross


  • #8
    orbital83
    Registered Users Posts: 210 ✭✭orbital83


    The SSIA maturity tax is 23% of the investment growth on the fund (not including the government contribution)

    e.g Pay 10,000 into your SSIA. Government pays in 2,500... total 12,500
    At maturity, the value is 16,000. So the investment growth has been 3,500.
    You pay 23% on the 3,500, that is 805 in tax.


  • #9
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    John J wrote:
    The SSIA maturity tax is 23% of the investment growth on the fund (not including the government contribution)

    e.g Pay 10,000 into your SSIA. Government pays in 2,500... total 12,500
    At maturity, the value is 16,000. So the investment growth has been 3,500.
    You pay 23% on the 3,500, that is 805 in tax.


    assuming the op has an equity product


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