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Withdrawing state savings, any revenue issues?

nihicib2 · 2016-07-13 08:54:09

Hi all quick question, I have money saved with An Post State Savings, if I were to withdraw say about €25,000 and lodge it in to a bank or credit union account would I have any issues with revenue, that is, would I have to inform them or pay tax on this amount Thanks for any answers

13-07-2016 9:54am

#1

nihicib2

Registered Users Posts: 370 ✭✭

Join Date: January 2011

Posts: 274

Hi all quick question, I have money saved with An Post State Savings, if I were to withdraw say about €25,000 and lodge it in to a bank or credit union account would I have any issues with revenue, that is, would I have to inform them or pay tax on this amount

Thanks for any answers

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Comments

#2 13-07-2016 11:03am

Spocker

Moderators Posts: 6,864 ✭✭✭

Join Date: February 2004

Posts: 6075

The info is here: http://www.statesavings.ie/Downloads/TaxStatus.pdf, and you have have a PRSI liability, if the products you are withdrawing from is one of the National Solidarity bonds.

I am not a tax expert, and what I say should not be taken as gospel

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