Paying back Revenue due to Foreign Deposits Interest

D

Derek1001

Registered User
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16
Hi there,
I have received my statement of liability for 2024 from Revenue today. They tell me that I owe over €800 euro (which is due to interest received on foreign bank accounts). They go on to say that my tax credits will be adjusted over the next 4 years to cover this underpayment. Does anyone know if I can just make a one-off payment by electronic transfer or perhaps a bank draft where I can just clear the amount that I owe? I would really just prefer to clear what I owe rather than a slight reduction in my salary each week.

Thank you everyone for taking the time to read my mail. I have got great advice on here before and I'm sure it will be the same this time.
Derek
 
Are you sure that the €800 liability figure is correct?

I dealt with a case in recent weeks where Revenue had claimed the customer was in receipt of over €900 in foreign interest for 2023, and issued an assessment on that basis. I advised them to get a statement from the bank in question and when it arrived the actual interest figure listed was a small fraction of what Revenue had said had been reported to them.

Their actual tax bill for the year was less than €40. They chose to pay it and be done with it.
 
Thank you T McGibney for your message - I actually thought that I would have owed them more. I thought it would have been about just over €1k rather than €800. I assumed my sterling account would have been taxed at 40% but perhaps it was taxed at 33%.

Thank you that link, Corola. I will look into that...and I know what you are saying Dr. Strangelove. It is a valid point, but I just kinda like the idea of clearing what I owe (and if I didn't, then presumably when I declare interest for 2025 I will have a similar adjustment to tax credits. Feels like it could be all a bit messy)

Derek
 
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