asked the Minister for Finance the arrangements which have been made for the return of funds to persons who are exempt from Deposit Interest Retention Tax, such as those on DPMA, in view of the commitment given by the former Minister for Finance arising from the 1986 budget and if he will make a statement on the matter.
Written Answers. - Return of Funds.
85.
Instructions on how to claim repayment of retention tax deducted from deposit interest received in the year ended 5 April 1987 were set out in an advertisement which was inserted by the Revenue Commissioners in each of the main daily papers of 6 April 1987 and in Anois on Sunday, 12 April 1987. The text of the advertisement is per the following appendix.
In the majority of cases completion of the normal income tax return form would be required. Exceptionally, if the claimant is obviously exempt from income tax completion of a special simplified form will be sufficient. Inspectors of taxes will make every effort to deal with repayment claims promptly.
Tax Year 1986/87 Deposit Interest: Repayment of Retention Tax
1. Entitlement to Repayment
A person is entitled to repayment of retention tax deducted from deposit interest received in the year ended 5 April 1987 if the person (or spouse)
(A) was at some time during the year 65 years of age or over, or
(B) was prior to the end of the year, permanently incapacitated by mental or physical infirmity from maintaining himself or herself
and the person was exempt from income tax for the year or the amount of the retention tax exceeded the income tax liability for that year.
Unless these conditions are satisfied in full a repayment is not due.
2. Exemption from Tax
For the tax year 1986/87 (that is, the year ending on 5 April 1987) a person was exempt from income tax if income did not exceed the appropriate exemption limit. These limits were—
|
Single or widowed person |
Married person |
|
|
£ |
£ |
|
|
Up to age 65 |
2,650 |
5,300 |
|
Age 65 to 75 |
3,150 |
6,300 |
|
Age 75 or over |
3,675 |
7,350 |
If the income was not too greatly in excess of the appropriate limit, a marginal relief was available which could reduce the income tax liability.
3. Claims for Repayment
If you satisfy the requirement at (A) or (B) in paragraph 1 and you think you may be entitled to repayment of some or all of the retention tax deducted in the tax year 1986/87, either because you were exempt from income tax in that year or the retention tax exceeded your income tax liability for that year, you may now claim repayment of the appropriate amount of the retention tax. To claim you should —
(i) obtain from the bank a certificate showing the amount of interest received by you and the amount of tax deducted from the interest, and
(ii) contact the appropriate tax office (see paragraph 4).
The tax office will supply you with whatever form you need to establish your entitlement to repayment.
4. Tax Offices If you are already making tax returns, you should contact the inspector of Taxes to whom you made your tax returns. You should quote your tax reference number, if known. If you have not previously made tax returns and—
(i) you are living in Dublin, Kildare, Meath or Wicklow, you should contact—
Dublin General Claims Section,
33 Nassau St.,
Dublin 2.
Tel. 778103.
(ii) you are living in some other area, you should contact the nearest tax office.
In either case, if you had other income state the type of the income e.g. farming or other trading income, rents or investment income, wages/salary, pension, etc.
|
Revenue Commissioners, |
April 1987 |
|
Dublin Castle. |