Degiro Cash Fund Interest?

[Dmac47]

Hello,

So apparently DeGiro puts your cash balance into a cash fund where it can earn interest.

My question is, how would I pay tax on this, where on form 12 would I declare any interest gained?

Is it classed as foreign or Irish?

Thanks

 

[landlord]

Hi I have a large amount of money in a cash fund with Degiro at the moment I wasn't aware they paid interest on it? Where did you find that information ?

 

[Dmac47]

Hmm I cant post links, but if you go to degiro's website then click on "about degiro" then "safe and reliable".
You can see it mentioned here under "Interest Received".

"Interest is received on money held within the 'Cash Fund'. For the EUR Cash Fund, this equates to the Eonia with a maximum deduction of 0.50% on an annual basis. Eonia is Effective Overnight Index Average and in the past ten years has moved between 4.3% and 0.05%. In the worst-case scenario, you will receive zero interest as a result of this deduction."

They also confirmed it to me in an email.
"Any tax on this interest would not be deducted automatically and would have to be declared yourself."

 

[orka]

Eonia hasn't been above 0.5% since 2011 and is currently negative so Degiro's net interest has been zero for at least 5 years - so there shouldn't be anything to include on your Form 12.

 

[Dmac47]

Oh ok great.

But out of curiosity, what section of form 12 would you declare this interest in?

Thanks