Seán Fleming (Laois-Offaly, Fianna Fail)
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Question 119: To ask the Tánaiste and Minister for Finance the situation regarding the new arrangements introduced in the Finance Act 2008 that allow senior citizens operate deposit interest retention tax free bank accounts; if this arrangement extends to joint accounts in the names of two elderly people both of whom are over 70 years; and if he will make a statement on the matter. [14262/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The Finance Act 2007 introduced a new scheme that allows senior citizens to operate DIRT-free accounts. The scheme is available to individuals or their spouses who are aged 65 years of age, or over whose total annual income is no more than the relevant income tax exemption limit — for 2008 this is €20,000 for a single or widowed person and €40,000 for a married couple.

A joint account only qualifies under the scheme where the account holders are husband and wife. In this regard, the husband and wife must sign the declaration form in respect of that account. In the case of a joint account held by individuals who are not husband and wife, there is no provision that allows for the operation of a DIRT free account. In this situation, the previous provisions still apply in that each individual can claim a repayment of the relevant DIRT by submitting a claim form, with the appropriate certificates of interest received, to the Revenue Commissioners.