Under the Finance Bill 2014, from 1st January 2014 all credit union share dividends and deposit interest paid to members will be subject to DIRT, with the exception of dividends paid to members who are exempt from DIRT.
The only members who are exempt are as follows:
Members aged over 65 whose total income is less than the relevant limit:
Currently €18,000 for an individual and €36,000 for a married couple. For married couples, only one of the spouses needs to be over 65. To avail of this exception, you must sign a self-declaration form DE1. The DE1 form is available from
• St. Colman’s (Claremorris) Credit Union offices in Claremorris or Ballinrobe
• On www.revenue.ie
• At your local Revenue office
The DE1 Form is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit.
Members who are permanently incapacitated.
Such members should either contact their local Revenue Commissioners office directly or contact a service body such as the Irish Wheelchair Association. Credit unions have no role in approving the exemption in these cases. A DE2 form is required in these instances.
Groups or Organisations holding “Charitable Status”.
These members need to complete a Form 68 and provide their Charitable Status Number to the credit union.
Credit Unions have no role in approving exemption cases. If a member considers themselves to be DIRT exempt, they must complete and sign the necessary form, and leave the form into the Credit Union.
If you do not complete the self-declaration form, St. Colman’s (Claremorris) Credit Union Limited is obliged to deduct DIRT from your dividend. You will then have to apply directly to the Revenue Commissioners for a refund of this DIRT (if you are eligible). Credit Unions have no role in approving exemption cases. If a member considers themselves to be DIRT exempt, they must complete and sign the necessary form, and leave the form into the Credit Union.