DIRT on Dividend and Interest Earned

We will deduct Deposit Interest Retention Tax (DIRT) at the existing rate from all interest earned, unless you are entitled to exemption from DIRT, and we will pay this directly to the Revenue Commissioners

Who can claim an exemption from DIRT?

Members aged over 65 whose total income is less than the relevant limit, currently €18,000 for an individual and €36,000 for a married couple.  For married couples, only one of the spouses needs to be over 65.  To avail of this exemption, you must sign a self-declaration form DE1.  This form is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit. For further information and to obtain application form DE1 go to www.revenue.ie

Members who are permanently incapacitated.  Such members should either contact their local Revenue Commissioners office directly or contact 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 DE1 self-declaration form, St Paul’s 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).