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Ordinary Deposit Accounts VS Special Savings Account on Form 12 (part 17)

  • 29-09-2011 8:27am
    #1
    jelly&icecream
    Registered Users, Registered Users 2 Posts: 477 ✭✭


    Just a quick question regarding part 17 in form 12.

    I'm really just filling it in to declare "Rent a Room" income but I noticed this part which I should probably fill in as well. The interest earned is only of about 150 euro and DIRT has been deducted but I should probably stick it in to be on the safe side.

    I have 2 savings accounts, a Rabo personal savings account and an AIB Online Notice Deposit 7 savings account.

    Do these go under :
    "Gross Deposit Interest received on which DIRT was deducted - taxable at 25%"
    or
    "Gross Interest received from Special Share Account(s)/Special Term Share Account(s)/Special Savings Account(s) on which DIRT was deducted @ 25%"
    ??

    Just not sure what what the definition of these things are? Couldn't find the answer on the revenue website. While "Special Share Account(s)/Special Term Share Account(s)" probably don't apply to my accounts, "Special Savings Account(s)" could.


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Special share accounts are SSIA's.

    This is a historical questiona and doesn't apply any more


  • #3
    jelly&icecream
    Registered Users, Registered Users 2 Posts: 477 ✭✭jelly&icecream


    Any idea about "Special Savings Account(s)"?


  • #4
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    SSIAs are historical as Mr I says but they were properly Special Saving Investment Accounts, not Special Share Accounts.

    Special Share accounts are offered by Credit Unions, and are taxed as any ordinary DIRT account.

    Special term accounts (banks) and special term share accounts (credit unions) are 3 or 5 year accounts with an exemption from tax for part of the interest. They were introduced by Finance Act 2001.

    I refer anyone really interested in this stuff to para 1.10.2 and para 1.10.8 of Taxation Summary published by the Irish Tax Institute.

    OP - you don't have anything other than ordinary DIRT accounts.


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