Tax and Your Savings

The following is a brief explanation of the Share Accounts now available in Sarsfield Credit Union Ltd. :

1. Regular Share Account:

  • Dividend is posted gross to the account every year.
  • It is the responsibility of the account holder to inform the Revenue Commisioners of any dividend posted to the account in his/her annual Income Tax return.
  • The Revenue Commissioners have the right to inspect the books and records of all financial institutions, including the Credit Union, with regard to individual's accounts.

2. Special Share Account:

  • Dividend is posted net to the account every year after deduction of Retention Tax from the gross dividend earned.
  • The Credit Union will deduct the tax and will pay it over to the Revenue Commiossioners on behalf of the account holder.
  • The rate of retention tax will be the prevailing rate announced in the Finance Act each year.
  • Credit Unions are not required to submit details of individual members from whom they have deducted tax.