asked the Minister for Finance the limit above which a return of interest paid or credited on deposit is furnished by the Agricultural Credit Corporation, Ltd. to the Revenue Commissioners; if this limit applies to husband and wife joint accounts; if any change has been made on this amount recently; and, if so, why.
Ceisteanna—Questions. Oral Answers. - Deposit Interest Rates.
21.
The limit referred to is £70 and applies to all accounts including husband and wife accounts. There has been no change since the limit was increased to £70 in 1968.
Does the law not apply in the same way as it applies to the banks?
Section 344 of the Income Tax Act, 1967 provides for the exemption from tax in respect of the first £70, and £140 in the case of a married couple, of interest paid by the commercial banks, the Post Office savings banks or the trustee savings banks. Exemption does not extend to the Agricultural Credit Corporation or the Industrial Credit Company.