Deposit interest retention tax
What is DIRT?
We will deduct DIRT at the prevailing rate from all interest earned and we will pay this directly to the Revenue Commissioners.
DIRT exceptions
If you are in receipt of payments under the Mother and Baby Institutions Payment Scheme.
If you are Non-Irish Tax Resident.
If you are aged 65 or over in the current tax year and meet income thresholds.
If you are permanently incapacitated.
We recommend that you consult with your tax advisor with respect to your DIRT exemption status.
Further information can be found on the Revenue Commissioner's website.
Procedure with the Revenue Commissioners
Collection of Personal Public Service Number (“PPSN”) Details
Under the Return of Payments (Banks, Building Societies, Credit Unions and Savings Banks) Regulations 2008, we are obliged to request your PPSN on opening of your account. We will also request on opening your account that you provide a copy of one of the following documents by secure mail to allow us to fulfil our obligation to verify your PPSN.
- Employment Detail Summary.
- End of Year Statement of Liability.
- Payslip (where employer is identified by name or tax reference number).
- Drug payment scheme card.
- European health insurance card.
- Income Tax Assessment.
- PAYE Notice of Tax Credits.
- Child Benefit Award Letter.
- Any printed documentation issued by the Revenue Commissioners or by the Department of Social Protection which contains the person’s name, address and tax reference number.
Please note there is no expiry period for any of the above documents.
Interest Reporting
When we pay you interest on your account, we are required to report the interest paid, as well as other details including PPSN, to the Revenue Commissioners, subject to certain exclusions. As part of this reporting, we must also indicate whether your PPSN has been provided by you and verified.
Non-Irish Tax Resident
Please return the completed and signed Non Irish Tax Resident Declaration along with documentation below via secure mail. For your account to qualify for Deposit Interest Retention Tax exemption status you must not be tax resident in Ireland.
Important information
Content Important information- Please complete the declaration in full in ballpoint pen in clear, legible block letters. Incomplete or illegible forms will be returned to you.
- Please provide certified copies of required documentation as outlined below and return via secure mail through your online account or app, along with the completed and signed Non-Irish Tax Resident Declaration.
- All documentation / forms must have the address of your principal private residence abroad – PO Boxes or care of addresses will not be accepted. In countries where it is the norm to use PO Box addresses the account holder’s address and documentation must be in the name of the principal private residence, however you may request in a covering letter that a PO Box be used for correspondence and the reason for this.
Required documentation
Content Required documentation- Certified copies of 6 months proof of non- Irish tax residence in the form of utility bills or bank statements; or a letter from your employer.
- Bank statements should be on a main working account and show a minimum of 3 customer transactions per month taking place abroad (standing orders and direct debits will not suffice).
- An employer letter must quote your name, permanent address and length of service.
- The 6 months can be any 6 months from the last year; they do not need to be 6 consecutive months.