Taxes Consolidation Act 1997 section 891

Returns of interest paid or credited without deduction of tax

Section 891 requires banks and other businesses that pay or credit interest without deducting income tax to provide Revenue with returns detailing those interest payments when requested.

• An inspector may require any person who pays or credits interest without tax deduction to file a return showing each recipient's name, address, and the amount of interest paid or credited.
• Credit unions are generally exempt, except in respect of deposits held by individuals aged 65 or over or who are permanently incapacitated (as provided for under section 256).
• Interest totalling €65 or less paid to any one person in the specified year need not be included, and returns cannot be sought for years ending more than three years before the date of the inspector's notice.
• Account holders who are not resident in the State may request exclusion from the return, but the bank may require an affidavit confirming non-residence, and all such declarations must be retained for six years.