Taxes Consolidation Act 1997 section 267A

Interpretation (Chapter 5)

Section 267A sets out the key definitions used in the credit union provisions of the deposit interest retention tax (DIRT) legislation, and establishes how dividends credited to members' accounts are treated for DIRT purposes.

• Credit unions are classified as relevant deposit takers and must deduct DIRT from dividends and interest paid or credited to members' accounts.
• The section defines the various types of credit union account — regular share accounts, special share accounts, and special term share accounts (medium term and long term) — each with distinct DIRT treatment.
• Special term share accounts (opened before 16 October 2013) may qualify for annual DIRT exemptions: €480 for a three-year medium term share account and €635 for a five-year long term share account, provided the required conditions and declarations are met.
• Dividends credited to a member's account are treated as dividends paid, meaning the act of crediting a dividend triggers the DIRT obligation in the same way as a cash payment would.