EU Deposit Interest - Revenue Reporting

[Cooler_box]

Yes, if declaring EU deposit interest on Form 11, you will be charged 4% PRSI.

Is the PRSI applicable to the over 70s also?

 

[ClubMan]

Is the PRSI applicable to the over 70s also?

No PRSI for those over 70 or over 66 and claiming the OACP.

Pay Related Social Insurance (PRSI) and Universal Social Charge (USC)

This section explains Pay Related Social Insurance (PRSI) and Universal Social Charge (USC)

www.revenue.ie

Up to 31 December 2023, if you are aged 66 or over, you are not liable to pay PRSI.

From 1 January 2024, you will be able to draw down your State Pension (Contributory) between age 66 and 70. You will continue to be liable for PRSI until you:

• are awarded the State Pension (Contributory)

or

• reach age 70.

 

[Cooler_box]

Not keen on the tax being recouped through PAYE band adjustments.

Interesting comment and perhaps one that merits a thread of its own. Curious to know what are the implications of tax being recouped through PAYE band adjustments if it's simple enough to explain?

 

[ClubMan]

Interesting comment and perhaps one that merits a thread of its own. Curious to know what are the implications of tax being recouped through PAYE band adjustments if it's simple enough to explain?

I had €5K in Illness Benefit paid last year.
SW paid this gross but reported it to Revenue so Revenue reduced my tax credits by €1K (€5K x 20%) to account for this and any tax that may have been due on it when combined with any other income.

 

[Freelance]

Is the PRSI applicable to the over 70s also?

I answered this for you two posts above your second time asking

 

[Cooler_box]

It may indeed be dumb luck but I took the 'gamble' and submitted mine at the begining of March. With no follow up by me it all went smoothly.

They're too busy with complaints ....

 

[Cooler_box]

When you are completing your 2024 Income Tax Return to declare the non PAYE income, a tax credit can be applied at that time for the non-refundable tax paid.

I have to complete Form 11 (for the first time) when doing my return this year for income earned in 2024. I am retired and not in receipt of any income other than my pension. The form is complex and the terminology is unfamiliar to me, so I would appreciate a little guidance from anyone who has completed it and had to apply the 15% credit on WHT retained at source. In this instance, 28% retained by BGP, Portugal; I had overlooked to return the tax residency cert before the investment had matured. I am assuming that I enter the total income earned on my savings with BGP and BFF under (a) 'Amount of EU Deposit Interest' under Section 304 'EU Deposit Interest'. But where do I apply/claim back the 15% non refundable tax (to offset the 28% withholding tax BGP retained at source)? This is the first time I have had to file a return as I had no other sources of income until I decided to invest some of my savings. Everything was managed through PAYE. While I may not be liable for PRSI and USC, I am wondering if I will pay a higher rate of income tax and if this will be automatically generated if I am completing the Form 11 online.