DIRT
18/06/1991
Query
Is a nil deposit a relevant deposit for the purposes of section 257
Decision
No
Income Tax
Section 257, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT913562
16/09/1992
Query
Is a non-resident declaration necessary for every deposit made to an account
Decision
No; all deposits to an account may be regarded as covered by the one declaration. Where the relevant deposit taker is satisfied that a declaration covers more than one account, that one declaration will suffice
Income Tax
Section 236, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT922026A
10/11/1992
Query
Would micro-film copies of non-resident declarations be sufficient for Revenue Purposes
Decision
No; the original declarations should be maintained
Income Tax
Section 263, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT922026
17/11/1992
Query
Repayments of DIRT and double taxation conventions
Decision
Double Taxation Conventions over-ride the DIRT provisions which preclude repayment of DIRT except in certain circumstances. Where deposit held in trust for non-resident such that the non resident had an absolute interest in the deposit, the interest retains its character as relevant interest when paid to her by the trustee
Income Tax
Section 256, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT92050
18/11/1992
Query
Whether notification of change of residence necessary to make a deposit in relation to which a non-resident declaration was completed a relevant deposit
Decision
No; where the person who is beneficially entitled to the interest becomes ordinarily resident (now resident) in the State, the deposit automatically becomes a relevant deposit, although we might not seek to penalise a relevant deposit taker who continued to treat such a deposit as not a relevant deposit in good faith.
Income Tax
Section 256, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT922026
03/05/1993
Query
whether deposit held in the name of the EU commission is a relevant deposit within the meaning of section 256 TCA 1997
Decision
Deposit is not a relevant deposit, in view of the EC accession treaty and the protocol on privilidges and immuniities of the European community.
Income Tax
Section 256, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT932012
19/06/1995
Query
Whether a person suffering from depression and/or ME is considered to be permanently incapacitated for the purposes of entitlement to a repayment of DIRT
Decision
A person suffering from depression and/or ME will be considered to be permanently incapacitated for the purposes of a DIRT repayment where there is medical evidence to show the condition is permanent
Income Tax
Section 267, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT972537
12/07/1995
Query
Whether DIRT can be repaid to a mining company where DIRT was deducted from deposit interest because the company failed to complete a declaration under section 265 TCA 1997
Decision
DIRT cannot be repaid. Section 267 TCA 1997 prevents repayment.
Income Tax
Section 267, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT952543
26/10/1995
Query
Where a parent gives money to a child to open a deposit account and enters into a verbal agreement that the child is to pay over to the parent the deposit interest arising on the deposit, who is benficially entitled to the deposit interest?
Decision
The parent is beneficially entitled to the deposit interest.
Income Tax
Section 257, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT952568
04/07/1996
Query
In calculating tax payable under the 1993 Amnesty, whether account is to be taken of DIRT which has been or should have been deducted.
Decision
No account is to be taken of DIRT which has been or should have been deducted. Tax due under amnesty is calculated on income - no credit for DIRT is given against such tax due.
Income Tax
Section 264, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT962513
24/09/1996
Query
Whether renegotiation of interest rates on special savings accounts at two yearly intervals breaches the condition for SSA's that interest cannot be fixed for periods longer than 2 years.
Decision
Whether the condition is breached will depend on the terms of an SSA product. If the interest rate is fixed for two years and genuinely reset after this time, the condition will not be regarded as breached.
Income Tax
Section 264, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT962514
07/10/1996
Query
Where a cerficate of interest which incorporates DIRT deductions at different rates (i.e. where the DIRT rate changed from one tax year to the next and the certificate is in respect of a calendar year) how is credit given for the purposes of a repayment of DIRT
Decision
The amount of DIRT for which credit is to be given is the actual amount of DIRT deducted. In circumstances, it may be necessary to gross up the DIRT at one of the two rates of tax in order to give effect to allowing the correct credit
Income Tax
Section 264, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT962516
16/09/1997
Query
Whether interest on a deposit account opened and operated by an ambassador of a foreign country may be paid without deduction of DIRT under section 37 FA 1986
Decision
Interest may be paid without deduction fo DIRT where the person beneficially entilted to the deposit interest is the foreign government and a non-resident declaration has been completed by the ambassador.
Income Tax
Section 37, Finance Act, 1986
Origin: RLS Division
File ref:IT972513