Deposit Interest Retention Tax (DIRT)
Your shares/savings in St Paul’s are treated as being a Special Share Account which means DIRT is applied and deducted at the prevailing rate (currently 33% since 1st Jan 2020). This satisfies your liability to Revenue in respect of any Dividend paid to your account in St Paul’s.
Who can claim an exemption from the deduction of DIRT?
You can claim an exemption from the deduction of DIRT if you, your Spouse or Civil Partner are aged 65 or over during the year, and your total income (gross income from all sources, e.g. old age pension, deposit interest, etc.) for the year does not exceed:
- Single Person, Widowed Person or Surviving Civil Partner €18,000
- Married Couple or Civil Partners (combined income) €36,000
These exemption limits are increased by €575 for each of the first two dependent children and by €830 for each subsequent dependent child. These amounts are liable to change and changes will be posted on the revenue website www.revenue.ie.
Joint accounts only qualify for the exemption where the two account holders are a Married Couple or Civil Partners. To avail of this exemption, you must sign a self-declaration form DE1. For further information and to obtain the application form DE1 go to www.revenue.ie
Members who are permanently incapacitated should contact either their local Revenue Commissioners office directly or a service body such as the Irish Wheelchair Association. St. Paul’s Garda Credit Union has no role in approving the exemption in these cases.
If you do not complete the self-declaration form, St Paul’s Garda Credit Union will be obliged to deduct DIRT from your dividend or interest. You will then have to apply directly to the Revenue Commissioners for a refund of this DIRT (if you are eligible).