Question re: Form 12 Irish Deposit Accounts

[moondance]

Hi there, quick question - on Tax Return form 12, part 18 (page 7), what does a deposit account refer to? Is it any savings accounts you hold or does it include current accounts as well. I have 1 current account, 1 online savings account with AIB and one with Rabo and also have an AIB notice deposit account. Also does it include credit union accounts?Apologies for my ignorance, I've never had to fill in one of these forms before!

 

[elcato]

I had to fill one out for rental purposes and I ignored any other part of the form such as that. I also filled in medical form seperate. I've never been asked about my accounts even though I have one. Given that DIRT is taken at source I would ignore that part.

*Disclaimer: this is my opinion and I don't work for revenue so defence of 'yourman on the internet' may be flimsy

 

[Lightning]

It needs to be filled in even if you have already paid DIRT.

 

[elcato]

It needs to be filled in even if you have already paid DIRT.

Probably but I wonder how strict are they on it and what they would do if you don't fill it in. I have dealt with revenue for the last eight years on and off by phone and form filling and it's never been asked or queried.

 

[Palerider]

Firstly Revenue can access information on deposit interest paid to taxpayers from all banks, that part is easy as it is linked to ppsn numbers.

This part should be completed, additional tax ( income levy ) is payable on any interest earned on top of the DIRT deduction already made, there is no requirement to submit interest certificates with your return but you must have them available if requested.

 

[smeharg]

Firstly Revenue can access information on deposit interest paid to taxpayers from all banks, that part is easy as it is linked to ppsn numbers.

This part should be completed, additional tax ( income levy ) is payable on any interest earned on top of the DIRT deduction already made, there is no requirement to submit interest certificates with your return but you must have them available if requested.

The income levy was replaced by the universal social charge in 2011. Income already subject to DIRT is exempt from USC.

 

[elcato]

So as I understand it then, in 2010 I need to declare any interest got and pay 2% for that year only ? Previous years have no liabilty ?

 

[UnaM]

I have the same question but I can not see if you got the answer you were looking for. I have concerns on What a deposit account is? Does it include credit union account? Thanks for sharing what you learnt.
Thanks

 

[mandelbrot]

A deposit account is a bank account that pays interest, and in the majority of cases DIRT is deducted from this interest.

A credit union account would be included in part 18 IF DIRT was deducted from the interest / dividend paid.

If the credit union dividend wasn't subjected to DIRT then you include it under part 17, you'll see there's a specific box for it.

 

[mlife]

Just to confirm am I correct in saying for Form 12 fill in section 17 if you have a credit union account and did not pay dirt. Fill in section 18 if you do have a credit union account and did pay DIRT. Query in section 18 you can highlight that you received interest but didn't pay DIRT, kinda confusing.

For section 59 re service charges, do you just put in the total amount paid for a bin service?

Thanks for any assistance as the form is somewhat confusing and no guide to assist, even though revenue send out a guide relating to a different form.

 

[mandelbrot]

Just to confirm am I correct in saying for Form 12 fill in section 17 if you have a credit union account and did not pay dirt.

Correct

Fill in section 18 if you do have a credit union account and did pay DIRT.

Correct

Query in section 18 you can highlight that you received interest but didn't pay DIRT, kinda confusing.

I can see why you find it confusing - the answer is that a Cr Union account that doesn't deduct DIRT is NOT an ordinary deposit account, and therefore doesn't fall within Panel 18. That reference to deposit interest received without deduction of DIRT applies mainly to people who are exempt from DIRT (due to age & income level / incapacity).

For section 59 re service charges, do you just put in the total amount paid for a bin service?

Yes.