Deposit Interest Retention Tax (DIRT)
Changes to the status of DIRT-free accounts
If your circumstances change, it may affect your exemption from DIRT. These circumstances include where:
- your total combined income exceeds the relevant exemption limit
- your total combined income exceeds your combined tax credits
- the person who owns the interest has changed and this new owner is not your spouse or civil partner
- your spouse or civil partner has died and you are under 65 years of age
- you have divorced, or dissolved a civil partnership, and you are under 65 years of age
- your spouse or civil partner has died and you are not permanently incapacitated
- you have divorced, or dissolved a civil partnership, and you are not permanently incapacitated
- the deposit ceases to be an asset of the Pan-European Personal Pension Product
- the deposit is no longer solely in respect of monies received under the Mother and Baby Institutions Payment Scheme.
If any of the above circumstances change, it is your responsibility:
- to notify the financial institution of any changes if you are over 65 years of age or a Pan-European Personal Pension Product Provider
- and
- to notify Revenue of any changes if you are a permanently incapacitated individual or in receipt of Mother and Baby Institutions Payment Scheme monies.
Next: Can you claim a DIRT refund?