Revenue Precedents

Where a certificate of interest which incorporates DIRT deductions at different rates (i.e. where the DIRT rate changed from one tax year to the next and the certificate is in respect of a calendar year) how is credit given for the purposes of a repayment of DIRT? The amount of DIRT for which credit is to be given is the actual amount of DIRT deducted. In circumstances, it may be necessary to gross up the DIRT at one of the two rates of tax in order to give effect to allowing the correct credit. IT962516

Whether renegotiation of interest rates on special savings accounts at two yearly intervals breaches the condition for SSA's that interest cannot be fixed for periods longer than 2 years? Whether the condition is breached will depend on the terms of an SSA product. If the interest rate is fixed for two years and genuinely reset after this time, the condition will not be regarded as breached. IT962514

In calculating tax payable under the 1993 Amnesty, whether account is to be taken of DIRT which has been or should have been deducted? No account is to be taken of DIRT which has been or should have been deducted. Tax due under amnesty is calculated on income – no credit for DIRT is given against such tax due. IT962513

Are disabled persons required to make & sign an SSA declaration themselves? Yes. But if mentally or physically incapable of doing so, another person may do it for them. Revenue requires a medical certificate & details of relationship. 1331/93

In the event of an SSA exceeding the £50,000 limit, time given in which to reduce account balance below the limit.(ceases to be SSA over £50,000). Three working days. 1331/93

Where joint SSA held by married couple and one spouse dies can surviving spouse convert the joint account into a single account? Yes. Provided that a single SSA declaration is made within a reasonable period and the single SSA limit is observed. 10407/1331/93

An SSA be transferred between branches of the same financial institution without triggering closure of the SSA provided no payment is made to the depositor. 1331/93