Tax Return Help

D

dazmck10

Registered User
Messages
29
Hello,

If you are a PAYE employee and you have:
  1. A Bank of Ireland savings account earning interest.
  2. An Irish Life investment fund savings plan (such as MAPS, Consensus Fund).
  3. A PRSA pension which you contribute to from salary (net pay arrangement, under 15% limit, no employer contributions).
Is there any obligation to file a tax return?

Thanks
 
Last edited:
If you have any income not captured under your paye system you must declare that income for tax purposes.
 
Hmm my understanding was that funds from life assurance companies do not create an obligation to file a return.

I assumed the same could be said for a BoI savings account?
 
If the amount of interest from the savings account goes over the threshold you will have to file a return. The threshold used to be about €3200 but is now €5000 I think. I could be wrong about the amounts.
I don't believe either of the other two could trigger having to file a return. You might have to file a return if you start contributing outside of pay but I'm not sure about that.
 
Thanks for the response.

The interest from the BoI saving accounts would be less than €1k.

And yes I think you are correct in regards to PRSA.
I think if contributions are made outside of the net pay arrangement then you would need to file a return to claim relief.

Also, If you sell your holdings in an Irish Life fund, this wouldn't trigger a tax return right?
 
Last edited:
You must log in or register to reply here.
Back
Top