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What is 'Retention Tax'?

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  • 07-03-2014 6:02pm
    #1
    par418_p
    Registered Users Posts: 9 ✭


    Hello.  I have a BOI Global Markets term deposit account.  I have not noticed it in the past, but I now notice that 'Retention Tax' was deducted from overall Interest Credit each time I renewed the term for next period.  Can I claim back this Retention Tax?  If so, how do I do it?  Do I have to do with the Revenue's Office, and if so, exactly how?  Thank you.


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    #2
    yosser hughes
    Registered Users Posts: 3,893 ✭✭✭yosser hughes


    par418_p wrote: »
    Hello.  I have a BOI Global Markets term deposit account.  I have not noticed it in the past, but I now notice that 'Retention Tax' was deducted from overall Interest Credit each time I renewed the term for next period.  Can I claim back this Retention Tax?  If so, how do I do it?  Do I have to do with the Revenue's Office, and if so, exactly how?  Thank you.
    It's DIRT (Deposit Interest Retention Tax) tax,you have heard of that I'm sure. I don't see why you would be able to claim it back.


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    #3
    Nemeses2050
    Registered Users Posts: 1,568 ✭✭✭Nemeses2050


    par418_p wrote: »
    Hello.  I have a BOI Global Markets term deposit account.  I have not noticed it in the past, but I now notice that 'Retention Tax' was deducted from overall Interest Credit each time I renewed the term for next period.  Can I claim back this Retention Tax?  If so, how do I do it?  Do I have to do with the Revenue's Office, and if so, exactly how?  Thank you.
    It is DIRT - Deposit Interest Retention Tax. it is a tax on your Interest income which the bank will pay to Revenue. No you can't claim it back.


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    #4
    par418_p
    Registered Users Posts: 9 ✭par418_p


    yosser hughes wrote: »
    par418_p wrote: »
    Hello.  I have a BOI Global Markets term deposit account.  I have not noticed it in the past, but I now notice that 'Retention Tax' was deducted from overall Interest Credit each time I renewed the term for next period.  Can I claim back this Retention Tax?  If so, how do I do it?  Do I have to do with the Revenue's Office, and if so, exactly how?  Thank you.
    It's DIRT (Deposit Interest Retention Tax) tax,you have heard of that I'm sure. I don't see why you would be able to claim it back.
    Thanks for this.  I had the name confused.  It is the DIRT.  I did not make the connection.  Thanks for the information.


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    #5
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi par418_p,

    Thanks for getting in touch.

    If you are an Irish resident the interest paid or credited on deposits you hold is subject to DIRT. Non-residents are not subject to this tax.

    Thanks
    Tara


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    #6
    yosser hughes
    Registered Users Posts: 3,893 ✭✭✭yosser hughes


    Bank of Ireland: Tara wrote: »
    Hi par418_p,

    Thanks for getting in touch.

    If you are an Irish resident the interest paid or credited on deposits you hold is subject to DIRT. Non-residents are not subject to this tax.

    Thanks
    Tara
    Indeed but you cannot hold a Global Markets account if you are non-resident for more than 6 months of the year. There are strict regulations on this as I am sure you are aware Tara.


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    #7
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi yosser hughes,

    Just to clarify, my post is in relation to DIRT, as per thread title, and not the account type.

    Thanks
    Tara


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