Types of Share Account
You may select one or more of the following types of share account. We endeavour to provide members with an annual dividend on your savings which you are obliged to declare to the Revenue Commissioners.
Dividends can be taxed in one of four ways depending on the type of account held.
Regular Share Account
Suitable to members who wish to receive their dividends gross and settle the tax liability if any directly with Revenue themselves.
Money from this type of account is available on demand.
Dividends on this account are taxable at the members marginal rate of tax.
Special Share Account
Suitable for members who wish to receive their dividends net of DIRT. The credit union will deduct DIRT and pay it over to Revenue on the members behalf with no further tax liability on the dividend earned for the member.
Money from this type of account is available on demand.
DIRT deducted from this account is at 27%.
Medium Term Share Account
This type of account is suitable for members who are able to leave the savings in the account for at least 3 years.
The first €480 pa of dividend earned is exempt from income tax and not subject to DIRT, if held in the account for 3 years.
Any excess dividend over this level is subject to DIRT at a fixed rate of 27%.
No withdrawals from date of lodgement for 3 years without penalty. Further details are available at the counter,
Long Term Share Account
This type of account is suitable for member who are able to leave their savings in the account for at least 5 years.
This first €635 pa of dividend earned is exempt from income tax and not subject to DIRT, if held in the account for 5 years.
Any excess dividend over this level is subject to DIRT at a fixed rate of 27%.
No withdrawals from date of lodgement for 5 years without penalty.
More information is available about DIRT on www.revenue.ie
