DIRT Tax Information

Changes in DIRT tax

From the 1st of January 2014, all Credit Union share dividend and deposit interest paid to members will be subject to Deposit Interest Retention Tax (DIRT), with the exception of certain members.

Members exempt from DIRT include:

1. Members aged over 65 whose total income is less than the relevant limit of €18,000 for an individual and €36,000 for a married couple. For married couples, only one spouse needs to be over 65.

To avail of this exemption, you must sign a self-declaration form DE1. You can download the form here.

This form is also available in your Credit Union and is a declaration that you, or your spouse, are aged over 65 and that your total income is less than the relevant limit.

2. Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioner directly or a relevant service body such as the Irish Wheelchair Association. Credit unions have no role in approving exemption in these cases.

Applicable to all members who are exempt:

If you do not complete the self-declaration form, the Credit Union will be obliged to deduct DIRT from your interest or dividend. You will then have to apply directly to Revenue for a refund of this DIRT (if you are eligible). In addition to the above, the tax-free limits applicable to share dividend and deposit interest in special term accounts have been removed and will not apply to Special Term accounts opened after the 16th of Oct 2013. Existing Special Term accounts can continue to avail of the tax-free amount for the remainder of their term.

If you require any clarification or assistance please contact your local revenue office.