Taxes Consolidation Act 1997 section 263A

Declarations to a relevant deposit taker relating to deposits of certain persons

Section 263A sets out the requirements for a written declaration that allows individuals aged 65 or over, whose income is below the income tax exemption limit, to receive deposit interest without deduction of deposit interest retention tax (DIRT).

• An individual receiving deposit interest may make a written declaration to the financial institution, in a Revenue-approved form, confirming that the account holder (or their spouse or civil partner) is aged 65 or over and that their total income for the year does not exceed the income tax exemption limit.
• The declaration must include the name, address, date of birth and PPS Number of each relevant individual, and must be signed by the person to whom the interest is payable.
• The declarer must undertake to notify the financial institution if the qualifying conditions are no longer met, and must provide any additional information the Revenue Commissioners may reasonably require.
• Financial institutions must retain these declarations for six years, or for three years after the account is closed or ceases to qualify, whichever period is longer, and must make them available for inspection by a tax inspector on request.