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SSIA Letter

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  • 17-11-2006 11:11am
    #1
    Trampas
    Registered Users Posts: 7,543 ✭✭✭


    Got a letter of the bank who i have my SSIA with yesterday with the finish date end of April it.

    Its says my current balance is around €18K before tax.

    I am doing the max so can I add on €254 every month until it is finished.

    What tax will I be paying??


Comments

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    #2
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    I don't think you pay tax on the capital or 25% govt add on but will pay tax on any interest paid by the bank if its a deposit account or on capital gains if its an equity type SSIA.


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    #3
    sofireland
    Registered Users Posts: 1,245 ✭✭✭sofireland


    afaik you pay tax on the growth only at 23%

    Exit tax its known as


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    #4
    TheDriver
    Registered Users Posts: 12,435 ✭✭✭✭TheDriver


    Yes, 23 per cent on interest from bank, nothing on money from Govt


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    #5
    Idleater
    Registered Users Posts: 6,236 ✭✭✭Idleater


    TheDriver wrote:
    Yes, 23 per cent on interest from bank, nothing on money from Govt

    Exactly.
    You are paying the DIRT tax because all the interest was paid to your account during the term of the SSIA Gross of all taxes.

    Probably in case they have to apply all the taxes that could potentially apply in a case where the T&C's of the SSIA were not adhered to. (like being out of the country, using someone else's money to pay for it, opening multiple a/c's etc)

    L.


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