Are we tax compliant?

there seems to be a fair amount of disagreement over what happens to the interest on these State Savings. Shouldn't there be clear guidelines set down somewhere where ordinary Joe Soaps can have some chance of doing the right thing?
I know lots of old fogies like me who put their savings into these under the misapprehension that they were completely tax free, and it would put an end to having to deal with tax issues, but as far as I can see it's worse than dealing with ordinary savings that are taxed at source automatically.
An Post or the Revenue should have an explanatory page somewhere, because there are a serious amount of people out there with their hard earned in these.
 
My understanding is that the " tax free "description of these products means that they are not subject to DIRT - completely separate to any income tax liabilities which will differ from person to person.
 
gipimann said:
My understanding is that the " tax free "description of these products means that they are not subject to DIRT - completely separate to any income tax liabilities which will differ from person to person.
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No, any interest earned on the relevant State Savings products is completely tax-free.

I actually don't think the position is very complicated - any interest earned on these products is tax-free but that interest is included in calculating total income for the purposes of the age-related exemption from income tax.
 
It states specifically on An Posts site as follows "Fixed Term Products, Instalment Savings and Prize Bonds winnings are not subject to Deposit Interest Retention Tax (DIRT) and are exempt from Income Tax, Pay Related Social Insurance and Capital Gains Tax in Ireland".
 
Google "Tax Exemptions" and you will get Revenues site with all correct information.
 
As the maximum savings allowed by these products is €240,000 per couple I would be surprised if interest would be anywhere near €5,000
 
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