Taxes Consolidation Act 1997 section 267F

Supplementary provisions (Chapter 5)

Section 267F sets out additional provisions in relation to deposit interest retention tax (DIRT) payable by credit unions.

• Revenue's power to inspect the books, records and documents of financial institutions that deduct DIRT extends equally to credit unions treated as paying relevant interest.
• Dividends on special share accounts and special term share accounts that are treated as relevant interest are not included in computing total income, except where a repayment of retention tax is being claimed.
• DIRT deducted at source satisfies the account holder's income tax liability on the relevant interest, so the interest does not need to be returned as income unless a repayment claim is made.