DIRT- free interest for those aged 65 or over
The Revenue Commissioners today (10/04/07) launched a scheme which will allow people aged over 65 to operate their savings accounts free of DIRT (Deposit Interest Retention Tax). Up to this point, a person who qualified for a refund of DIRT had to submit an application form to Revenue at the end of the year, along with a certificate of interest. Now, all they have to do is complete a simple application form and give it to their Financial Institution. Any interest they earn from then on will be free of DIRT.
Application forms and information leaflets on the DIRT exemption are available from any Revenue office or on the Revenue web site at www.revenue.ie The forms are also available from most Financial Institutions.
Commenting on the initiative, Frank Daly, Chairman of the Revenue Commissioners said:
"This is a major simplification measure and is the first in a series we have planned in making it easier for taxpayers to obtain tax reliefs."
"We are expecting a significant take up on this scheme judging by the number of enquiries received since it was first announced in December”, said Pat Molan of Revenue’s Collector-General’s Office, "The numbers applying for a refund of DIRT in recent years has been in the region of 12,000 each year but we are expecting a very high take up for this exemption at source."
[Ends 10/04/07]
Note for Editors
Series of initiatives
This is the first of a series of initiatives which Revenue has planned to simplify the way in which a range of tax reliefs can be granted. This programme was signalled by the Minister for Finance in his budget speech last December.
The measures include Trade Union Subscriptions, Tuition Fees for third level courses and certain medical expenses.
There will be further announcements as these additional measures come on stream.
Conditions to qualify for the scheme
There are only two conditions to qualify for the scheme, the individual or their spouse must be 65 years of age or over and their income should not exceed, €19,000 for an individual or €38,000 for a married couple.
Further details
Further details, including information about a similar concession for taxpayers (or their spouse) who are permanently incapacitated, are available on the Revenue website at this link: