Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
Link to this: Individually | In context | Oireachtas source

215. To ask the Minister for Finance the reason under 18 year old persons who have a savings bank account must pay 41% DIRT tax on their savings interest; and if he will make a statement on the matter. [3786/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Under Section 257 of the Taxes Consolidation Act 1997 all deposit takers are obliged to deduct Deposit Interest Retention Tax (DIRT) from payments of interest made to an account unless the account qualifies as an exempt account. There is no specific exemption in the case of interest paid on deposit accounts held by children.

The wider tax code does not provide for an exemption from tax for children.  Children could be liable to a range of taxes.  Not many children have an income that exceeds the relevant thresholds, but those that do are taxable on it.

To provide an exemption from DIRT to children's accounts could be difficult to administer, from the point of view of establishing the beneficial ownership of the account.

A number of State Savings Products offered by the National Treasury Management Agency through An Post are tax free, subject to certain conditions.

Jack Wall (Kildare South, Labour)
Link to this: Individually | In context | Oireachtas source

216. To ask the Minister for Finance the reason a person (details supplied) is paying a high level of tax; and if he will make a statement on the matter. [3791/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have been advised by the Revenue Commissioners that according to their records, the person concerned ceased employment in August 2014 and is not currently employed.

The Revenue Commissioners are writing to the person concerned to confirm the position and will arrange for a tax credit certificate to be issued, if required.