- Deposit interest retention tax (DIRT) is automatically deducted from dividend and interest earned on savings in the Credit Union.
- The liability to tax applies only to dividends and interest received from the Credit Union and not on actual savings.
- DIRT is applicable to all accounts including those of children. There are however certain limited exemptions where the payment of dividend and interest can be paid without the deduction of DIRT. This applies:
- In the case of a member who is over the age of 65 (or whose spouse is over the age of 65) and whose gross income is less than the relevant annual exemption limit. An application must be made to the Credit Union using a Revenue declaration form (DE1).
- In the case where a member or their spouse is permanently incapacitated. You must apply directly to the Revenue Commissioners who, on approval, will notify the Credit Union.