P poolfan Registered User Messages 29 20 Nov 2014 #1 If I transfer savings of mine to my child's account who is 2 Will he pay DIRT Will he pay the PRSI on savings interest
If I transfer savings of mine to my child's account who is 2 Will he pay DIRT Will he pay the PRSI on savings interest
B Boyd Registered User Messages 1,611 20 Nov 2014 #2 You pay DIRT as part of the interest in your account. You can then gift up to E225, 000 tax free to a child. I'm not sure if you can just change the account holder rather than closing account, transferring money and then re-depositing it. See http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html
You pay DIRT as part of the interest in your account. You can then gift up to E225, 000 tax free to a child. I'm not sure if you can just change the account holder rather than closing account, transferring money and then re-depositing it. See http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html