Please be advised that from 1st January 2014, all credit union share dividends and deposit interest paid will be subject to Deposit Income Retention Tax (DIRT).
The only members who are exempt from DIRT are:
Members aged over 65 whose total income is less than the relevant limit of €18,000 for an individual or €36,000 for a married couple. For married couples, only one of the spouses needs to be over 65. To avail of this exemption, you must sign a self-declaration form DE1. This form is available for download here and is a self-declaration that you or your spouse are aged over 65 and that your total income is less than the relevant limit. If you qualify for this DIRT exemption and have not already completed a form to this effect, please ensure you complete a DE1 form and return it to the credit union office.
Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioner Officer directly or contact a relevant service body such as the Irish Wheelchair Association. Credit unions have no role in approving exemption in these cases.
If you do not complete the self-declaration form, the credit union will be obliged to deduct DIRT from your interest or dividend. You will then have to apply directly to Revenue for a refund of this DIRT (if you are eligible).