Am I Liable for DIRT Tax

blackvalley

When my SSIA account matured a few years ago I decided to leave it in place ( Irish Life Scope ) and continue my contributions of approx E250 per month. For the first few years it took a hammering for the reasons we are all aware of and lost a considerable amount. However over the past two years it has produced a return of 8-10 % and it has occurred to me that I am probably liable for DIRT tax on this profit.
My tax affairs are very straightforward as I am a PAYE employee in the public service with no other investments to complicate things. My basic question just to clarify is am I due for DIRT tax on profit earned .
Thanks in advance for any advice and yes I know that most people who know such things would shudder at my poor investment practice in leaving the account open but I was simply hoping that eventually things would improve .

Victor

Have you made a profit?

blackvalley

Yes made a profit in the last two years but big losses up till then

barneystinson

blackvalley wrote: »

When my SSIA account matured a few years ago I decided to leave it in place ( Irish Life Scope ) and continue my contributions of approx E250 per month. For the first few years it took a hammering for the reasons we are all aware of and lost a considerable amount. However over the past two years it has produced a return of 8-10 % and it has occurred to me that I am probably liable for DIRT tax on this profit.
My tax affairs are very straightforward as I am a PAYE employee in the public service with no other investments to complicate things. My basic question just to clarify is am I due for DIRT tax on profit earned .
Thanks in advance for any advice and yes I know that most people who know such things would shudder at my poor investment practice in leaving the account open but I was simply hoping that eventually things would improve .

DIRT is a tax on deposit interest.

Unless your account is an interest bearing deposit account, DIRT won't apply.

To know what kind of taxes you may be liable for you'll need to know exactly what type of investment / account you have.

blackvalley

Perhaps I should enquire from the bank PTSB who set up the scheme with Irish Life.
I know that when the account matured about five years ago I had to pay some tax then.
Thanks

Mr. Incognito

DIRT is deducted at source. Dont worry bout it.

Victor

blackvalley wrote: »

Yes made a profit in the last two years but big losses up till then

Assuming the losses exceed the profits, it shouldn't be a problem.

If you make an overall gain when you cash in you may be subject to capital gains tax.

blackvalley

So no need to panic or start trying to give tax people some exrta cash at this stage.
Thanks for all help.
blackvalley.