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SSIA disclaimer

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  • 04-04-2007 8:13am
    #1
    Archeron
    Registered Users Posts: 6,280 ✭✭✭


    A quick question I hope you can ease my mind on.
    I have an SSIA, and my bank has sent me my disclaimer form, which I signed and sent off for immediate delivery, as is requested from the bank.
    However, when sealing the envelope, I noticed that it had on the form that it was to be received back to the bank no later than March 31st. The problem is, I didnt even receive it until April 2nd!

    I am really worried that this is going to affect my government contribution on my SSIA, but this is nothing to do with me, as I sent the letter back as soon as I got it. Of course, the helpful bank werent able to help me last night, as their phone lines close at 5pm. (well for some isnt it)

    I am going to call them today to discuss this, but has this happened to anyone else, and if so, what was the result?


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    #2
    Marathon_Man
    Closed Accounts Posts: 111 ✭✭Marathon_Man


    I'd suggesting ringing them ASAP.

    This is from the BOI web site.


    Why is the SSIA 4 declaration form so important?

    Returning the SSIA 4 declaration form is very important as it determines the tax that you will pay when your SSIA finishes.

    * If you return your SSIA 4 declaration form on time; a tax of 23% will apply to the interest only earned on the account
    * If you don't return your SSIA 4 declaration form on time or the conditions cannot be fulfilled: a tax of 23% on the entire balance of your SSIA will apply


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    #3
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    As long as your bank is reasonable, there should be no problem.

    How it works is that the bank can't give you your money until after you have signed this form. Handing the form in late means you might have to wait a couple days/weeks (for processing) before you can access your account.

    If you still haven't signed the declaration after 3 months of your account maturing, I think then they will deduct the 23 percent tax by default.

    All rules relating to the SSIA are from the Revenue Department and are pretty consistant throughout all the banks (or at least they should be!)


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