Is additional tax due on deposit account.

[GeneralZod]

I got my P21 for 2005 back last week. The form showed that the gross interest was taxed at 20% and a compensating credit for the DIRT tax (also at 20%) was added.

So the nett income tax due on the deposit interest was zero.

There's no mention of PRSI/Health levy. Do they recover this from PAYE income by adjusting PRSI exemption thresholds?

 

[extopia]

I got my P21 for 2005 back last week. The form showed that the gross interest was taxed at 20% and a compensating credit for the DIRT tax (also at 20%) was added.

So the nett income tax due on the deposit interest was zero.

See my post above.

 

[GeneralZod]

See my post above.

Yes I saw it.

I posted since in my recent experience it does seem to be that way in practice.

Apologies for doubting on an issue where there's so much confusion.

 

[real_magoo]

Form 12 also askes about gross interest on SSIA account(S). So is additional tax/prsi due on this (in addition to 23% deduced by bank on maturity).

Not sure why you have to declare interest in deposit and ssia accounts if no further tax is due?

Aslo do you have to declare interest on ssia interest in the years before maturity?

 

[Protocol]

Be careful, I think Form 12 asks about interest on SSA accounts, not SSIA accounts.