DIRT Tax - Form 12

[allendog]

Hi,
Am completing Form 12, and am the 20% taxpayer. Bank interest - DIRT already deducted. Do I have to declare the interest (after DIRT) on Form 12?
Thanks,
Allendog

 

[ClubMan]

Are you doing a Form 12 return to deal with something that's not already deal with through tax credits etc. or were you instructed by Revenue to return one? In spite of what many PAYE taxpayers seem to think they do not need to do a Form 12 return each year if their credits etc. are basically up to date. Any small discrepancies and additional liabilities or claims can be dealt with through other means. I have not done one in about 20 years and just deal with other issues (e.g. personal pension tax and PRSI relief claims, MED1 claims, corrections to tax credits etc.) by writing to them directly with the relevant info. I'd hate to have to fill one in at this stage because the form seems to be much more detailed than it used to be and it would be hassle to collate all of the details...

For what it's worth DIRT at 20% is the full extent of your tax liability on deposit interest even if you are a 42% taxpayer. Not sure whether you return the gross or net interest figure though.

 

[allendog]

Clubman,
Wow.....you NEVER did the returns for the past 20 years!?! Had thought it was obligatory to fill those darned forms - on this point I'd agree with you - they're detailed, seem to be more so, each year.
Had become and am still paranoid about keeping up the tax affairs to date, after being ticked off by the Revenue for not declaring the bank interest 27 years ago - was wet behind the ears in those days....
Allendog

 

[ClubMan]

Had thought it was obligatory to fill those darned forms

Not that I know of. I keep my tax affairs (in terms of credits/allowances/reliefs as well as liabilities) up to date by writing directly to Revenue or returning a different form (e.g. MED1 etc.) as required.