Some questions about Form 11

Filing a form 11 through an accountant and they have sent me a number of questions to answer, unsure of a few things and thought I would post here for clarification before asking the accountant (to get some independent advice and to just appear like I know what I am talking about before asking stupid questions!)

1. There is a question about chargeable assets acquired in the year
Did you purchase any assets?
I purchased a house as a PPR, does that need to be mentioned? Seems like a big asset to omit but technically it wouldn't be a chargeable asset would it?

2. Deposit Interest
Did you receive any deposit interest during the year? (please provide interest certs from bank other institutions)
My question here is about the interest certs - is this a revenue requirement or just something the accountant is looking for? I have small amounts of money in a number of different accounts so getting these certs seems like more hassle that it would be worth if not a requirement.

3. I received a large personal loan from a family member during the year (in order to purchase the property)
Does this need to be mentioned anywhere on the Form 11?

1. A PPR is a chargeable asset. There's a potential exemption for any gain on disposal, but that depends on how the property was used throughout the period of ownership.

2. If you know the amount of the deposit interest and DIRT deducted, and instruct the accountant what amount needs to go in the return, they'll include it.

3. No. Just make sure that the loan is adequately documented. Are you repaying the loan, or is it a "loan"?

Thanks for your reply

1. This makes sense, will include it.

2. I don't know the exact amount (probably can find but it will take some effort) , total is about €50 for the year though - can't see anyone caring if I estimate this. DIRT taken at source on all accounts.

3. No plans to pay it back at the moment. Nominal rate of interest covered by the annual small gift exemption.

Thanks again, very helpful

Bank interest certs are often provided online now or sent automatically in the post, although as @torblednam says the main thing is to know the actual deposit and DIRT figures. Paper certs aren't needed by Revenue other than in the case of an audit. And yes, it can take a little effort to extricate all the information from different accounts - I've been doing it for years. Maybe for your small amount of interest you could check with your accountant if an estimate could be accepted, but personally I include every amount that isn't in single cent figures.

I think that banks and other institutions provide this information to Revenue so they can cross check if they need to.

Mind you it is only for amounts greater then € 300 - so in today's low or zero interest rate environment, that would not be many

I think I can find most the amounts easily enough- the only exception might be a credit union account with about 3,000 in it - I can’t imagine it has earned must interest at all though.

I think AIB wanted to charge me for an interest certificate last year- and I was per count - have multiple regular savers due to a time where you could get a decent rate by putting 1,000 a month in the account but the Max amount in the account reset every year- therefore I had about 6 of these and just moved the money around to ensure I was always getting the highest rate, Now it doesn’t even matter as both the normal and bonus rates are minuscule.

One more question - If buy some shares and EU domiciled ETFs this year (2021), do I declare these next year when doing my 2021 tax return?

Yes, you declare asset purchases in 2021 on your tax return for 2021 which you file in 2022.

jpd said:

Yes, you declare asset purchases in 2021 on your tax return for 2021 which you file in 2022.

Click to expand...

Thanks, that is what I thought but wanted to check the rules around European ETF’s in case they had different reporting expectations.