Form 12...Questions 19 & 20.

[TrundleAlong]

I am in the process of completing my Form 12 tax return for 2018.

Question 19 on the form......Untaxed Income Arising in the State.

I have some An Post Savings Certificates and Savings Bonds. Am I required to enter the amount of interest that I received (matured in 2018) under the heading "Irish Government Stocks" or "Other Investments"

or do I enter anything at all?

I seem to remember previous advice on AAM that I did not have to return/disclose this interest?

Also if an An Post Bond or Certificate is paying the interest after a 3 or 5 year term, how do I show the interest annualised as it was not all earned in 2018 but over a number of years.

One last question if I may.

Question 20 on the Form.....Irish Deposit Interest.

I am being asked "Gross interest received on which DIRT was not deducted". What interest are they referring to here? Is this the An Post Certificates/Bonds mentioned above or something else?

Thanks

 

[Feemar5]

Re the untaxed income in question 20 - it could be credit union dividends. In the past the credit unions did not deduct any tax but now you can opt to have it deducted at source .

 

[dub_nerd]

You don't need to report the Savings Certs and Bonds at all. One of the National Solidarity Bonds a few years ago had a 1% annual rate that was liable to DIRT and had to be reported, as well as a final payout which didn't, but apart from those none of the tax free State savings products have to be reported.

 

[TrundleAlong]

You don't need to report the Savings Certs and Bonds at all. One of the National Solidarity Bonds a few years ago had a 1% annual rate that was liable to DIRT and had to be reported, as well as a final payout which didn't, but apart from those none of the tax free State savings products have to be reported.

Thanks. That seems to cover the Irish Government Stocks question. Are there other Government stocks that the question might be referring to.
Also the "Other Investments" part of the question. What might that be referring to?

 

[dub_nerd]

No idea, I'm afraid.

 

[EmmDee]

Thanks. That seems to cover the Irish Government Stocks question. Are there other Government stocks that the question might be referring to.
Also the "Other Investments" part of the question. What might that be referring to?

Possibly if you held Irish Government Bonds?

 

[WaterWater]

Re the untaxed income in question 20 - it could be credit union dividends. In the past the credit unions did not deduct any tax but now you can opt to have it deducted at source .

I don't ever remember being given a choice by the credit union that I use?

Can you get a Certificate of Interest received from the Credit Union?

 

[SlugBreath]

In the past the credit unions did not deduct any tax but now you can opt to have it deducted at source .

Based on your response today I contacted my credit union and I was told that I had no choice to opt in or out. DIRT is deducted.

 

[SlugBreath]

If after 5 years I earn circa €5000 on An Post Savings Certs/Bonds and I am required to disclose this, do I only show the interest on the actual year the interest is received?