DWT if no other income?

And this may seem obvious but I'll ask anyway, do the likes of degiro automatically tell revenue the amount of dwt paid and the tax payer?

Then if the taxpayer omits the dwt in the tax return, it's a red flag to revenue?
 
moneymakeover said:
And this may seem obvious but I'll ask anyway, do the likes of degiro automatically tell revenue the amount of dwt paid and the tax payer?

Then if the taxpayer omits the dwt in the tax return, it's a red flag to revenue?
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I'm not sure if Revenue would have access to that level of detail from the Qualifying Intermediary (QI) (Schedule F (i.e. Irish dividends) receipts for each Irish resident) currently, but I understand there is a Dividend Withholding Tax Real-Time Reporting project afoot whereby in the near future Revenue will require the QI to obtain a PPSN for each individual before a distribution is made.

Not only that, but it looks like Revenue are proposing to apply a personalised level of dividend withholding tax to the distribution based on the information they have about the taxpayer on their system to simplify the payment of the correct rate of tax. More information can be found here:

 
Irish brokers only? I can't imagine Revenue will be able to roll this out to overseas online brokers.
 
fistophobia said:
Irish brokers only? I can't imagine Revenue will be able to roll this out to overseas online brokers.
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Domestic and foreign financial institutions/paying agents are obliged to deduct the correct rate of DWT according to an eligibility matrix.

Obtaining an annual return from domestic and foreign agents regarding the payments credited to Irish resident shareholders should be possible in this day and age.

Applying a personalised rate of withholding tax which would have to be periodically refreshed and the interaction of Revenue systems/procedures with domestic and foreign custodians is definitely the most ambitious part I'd imagine.
 
My French broker/Bank deduct 12.8% DWT from all my dividend payments, which is just below the max of 15% the French are allowed to deduct under the Double Taxation Treaty

The Revenue allow this deduction as a credit against my Irish tax.

I don't think this information is shared at the moment but the broker/bank certainly communicate this information to the French tax authorities.
 
DWT is a complex area. I have 3 different % withheld across holdings with my wealth manager.
From zero on UCITS, zero on UK equities, 25% on German UCITS.
One thing I learned years back. You dont want to own French securities.
30% stopped by French, then 25% Irish Encashment tax.
 
Not any more - they stop 12.8% full stop and I have never been charged Irish Encashment tax but that is probably your brokerage provider rather than the French financial services.
I think the reason they had to reduce it was down to EU rules - they got a bollocking a few years ago for trying to tax EU citizens differently from French residents - hats off to the EU

Hmm - that's interesting on the German UCITS - my French broker does not deduct anything from dividends I receive on UCITS
 
If the DWT exceeds the taxpayer's income tax liability, it's time to contact the tax office to get reimbursed.
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If I have no other income what rate of prsi would be charged? self employed rate?
 
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