Willie Penrose (Longford-Westmeath, Labour)
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66. To ask the Minister for Finance if an exemption from Deposit Interest Retention Tax is available when a person reaches 65 years of age; the level of eligibility for exemption when the person is married; the stipulations and conditions attached to the said exemption; and if he will make a statement on the matter. [12596/15]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that where an individual or their spouse/civil partner is aged over 65 and their income does not exceed the appropriate exemption limit, their deposit interest earnings are exempt from appropriate tax as provided for in sections 256 to 267 of the Taxes Consolidation Act 1997 and commonly referred to as Deposit Interest Retention Tax (DIRT).

In April 2007, this exemption became automatic on the submission of a declaration to the financial institution where the account is held. To qualify for the automatic exemption, the individual must declare on that they or their spouse or civil partner are aged 65 years or over during the year and that their total annual income does not exceed the exemption limit. The current exemption limits are €18,000 in the case of a single person and €36,000 in the case of a married couple or civil partners.

Where the individual's circumstances change following the submission of this declaration form, they are required to notify the financial institution to that effect.

Where a person's income exceeds the relevant exemption limit by a small amount, he or she will not be entitled to the exemption but may be entitled to a partial refund of the DIRT deducted.