The resolution amends section 256(1) of the Taxes Consolidation Act 1997 to give statutory effect to the new rates of DIRT applicable to deposits held in banks and other financial institutions. The changing rates are as follows. The general 20% rate that applies to deposit interest, including deposit interest arising on special saving accounts and special term accounts has been increased to 23%. In addition, the 23% rate, which is the standard rate plus 3%, is being increased to 26%. This rate applies in the case of interest not payable annually or at more frequent intervals or where the interest cannot be calculated until the maturity of the investment. This includes investments such as tracker bonds, in respect of which the amount of interest payable depends on the changes in a financial or other index over a number of years.

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