Over 65s can avoid extra tax by notifying their bank – Kitt

Older people turning 65 must be aware they can now notify their bank or other financial institution their age to avoid paying DIRT tax on their deposit accounts according to Fianna Fail' Galway East Senator Michael Kitt.
“In the last budget a change was included to aid older people in ensuring that they are not paying unnecessary taxes.”
“Previously, anyone over 65 or vulnerable people such as the mentally or physically incapacitated, had to pay DIRT tax on their deposit accounts and then claim back that money.” stated Senator Kitt.
“Now if the bank or financial institution is made aware of changing age or circumstances they can receive interest on their savings without any DIRT being deducted.”
“Savings are subject to an income exemption of €19,000 for a single person and €38,000 for a married couple, but anything less than that is not subject to DIRT for the over 65s. Those who should not be subject to DIRT tax should not have to re-claim it, it should not be charged in the first instance. I am pleased that now the inconvenience of having to reclaim DIRT has been eliminated,” concluded Senator Kitt.