Revenue has updated the Tax and Duty Manual regarding the deduction of tax from interest payments by certain deposit takers.
The updated manual provides that deposit interest arising on the following deposits can be paid without deduction of Deposit Interest Retention Tax (DIRT):
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a deposit that is solely in respect of a general payment, and work related payment if applicable, under the Mother and Baby Institutions Payment Scheme, and
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a deposit that is solely in respect of monies that are beneficially owned by a Pan European Pension Product.