Written answers

Wednesday, 17 December 2008

Department of Finance

Banking Sector Regulation

8:00 pm

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael)
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Question 223: To ask the Minister for Finance his views on whether banks should be required to provide people with an annual statement of DIRT deducted in order that they can check their exact tax liability. [47081/08]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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Section 262 of the Taxes Consolidation Act 1997 already provides that a financial institution must, following a depositor's request, provide a statement to the depositor showing the gross amount of any relevant interest paid or credited to the depositor, the DIRT deducted, the net payment and the date of that payment. I have no plans to amend this legislative provision at this time.

Section 34 of the Finance Act 2007 introduced a new scheme to allow the operation of DIRT exempt savings accounts subject to two conditions: (1) the account holder must be aged 65 years of age or over or be permanently incapacitated; and (2) the account holder's total income must not exceed the relevant exemption threshold, i.e. €19,000 (for an individual) or €38,000 (for a married couple).

In 2007, Revenue widely publicised these changes. An Information Leaflet (DE1) giving comprehensive information for qualifying taxpayers on how to have interest credited to their savings accounts without deduction of DIRT was made available at Revenue offices. Information on DIRT exemption was also included on the Revenue website at www.revenue.ie. Application forms and information leaflets were also made available at most financial institutions. Revenue also arranged for an information leaflet to be issued to social welfare customers in receipt of state and other pensions.

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